Max’s group profit up 12%

The country’s leading casual restaurant Max’s Group Inc. (MGI) grew its first semester net profit by 12 percent year-on-year to P331.72 million on higher earnings from its expanding restaurant chain.

Systemwide sales rose by 12 percent year-on-year to P8.29 billion in the first half, supporting an 11-percent year-on-year rise in revenue to P6.05 billion.

Six-month restaurant sales expanded by 11 percent year-on-year to P5.04 billion, due to new store openings and steady same-store sales performance.

Commissary sales for the period also went up by 7 percent year-on-year to P674.04 million, driven by a growing number of franchised outlets.

Revenue from new franchises, royalty and continuing license fees went up by 23 percent year-on-year to P333.65 million in the first half, to additional franchising deals and a larger recurring income stream.

For the period, MGI reported headwinds amidst escalating prices of input components and stiffer industry competition. Nonetheless, MGI reported warm customer reception to the launch of promotional campaigns such as Chicken All-You-Can for Max’s Restaurant and World Pizza Day for Yellow Cab. —DORIS DUMLAO-ABADILLA