Max’s Group records 32% profit jump in Q3
MANILA (Philippines News Agency) — Max’s Group, Inc. (MGI), the Philippines’ largest casual dining restaurant chain, on Friday reported a net income of PHP118.5 million for the third quarter of 2018, up 32 percent from PHP90 million for the same period last year.
For the first nine months, system wide sales grew 9 percent to PHP13.8 billion from PHP12.6 billion with a steady same-store sale showing of 4 percent.
Restaurant sales increased 9 percent to PHP8.3 billion from PHP7.6 billion on the back of 38 new stores equally split between company-owned and franchised formats.
Commissary sales gained 14 percent to PHP1.1 billion from PHP997.7 million, while franchising income added 24 percent to PHP535.2 million from PHP432.7 million primarily attributed to a mix of new single and multi-brand franchising sign-ups.
“We managed to extend our momentum from the second quarter into the subsequent period by centering on improving productivity measures and operational performance across the business. We plan to carry a similar mindset and at the same time ramp up new store openings ushering into the Christmas season. Accordingly, we are determined and confident in our ability to finish the year on a strong note while putting ourselves in a unique position to grow further come 2019,” MGI President and Chief Executive Officer Robert Trota said.
As of September 2018, MGI opened 38 new stores including eight abroad.
This sums the company’s total branch network to 681 outlets, with 57 built across various cities in North America, the Middle East, and Asia. (PR)