Max's Group grows net profit by 14.8%
The company’s earnings surged in Q4 2019.
Philippine casual dining group Max’s Group Inc. (MGI) reported net profit growth last year by 14.8 percent to PHP 724.23 million (approx. US$14 million) as sales were complemented by delivery services and commissary and franchising revenues.
In a disclosure to the country’s local stock exchange, net profit surged by 27.1% percent year-on-year (YoY) on the back of revenues that rose by 6.5% compared to 2018.
For the full year, systemwide sales jumped by 7%. Apart from its flagship Max’s Restaurant, MGI’s brands include Pancake House, Yellow Cab Pizza, Krispy Kreme, Jamba Juice, Max’s Corner Bakery, Teriyaki Boy, Dencio’s, Sizzlin’ Steak, Maple, Kabisera, Le Coeur De France and Singkit.
Restaurant sales were at PHP 11.79 billion (approx. US$228 million), up by 4.4% for the year whilst franchising and other revenues inched up 1% to PHP 828.29 million.
Commissary sales, which was backed by a growing franchise base, climbed by 13.6% to PHP 1.78 billion last year from PHP 1.57 billion in 2018.
“A significant accelerator in the company’s performance is due to partnerships with food aggregators,” Max’s added, noting that system-wide delivery sales were up 20.4% to PHP 1.87 billion last year from PHP 1.55 billion in 2018.
Photo credit: Max's Restaurant Facebook
