The country’s leading casual restaurant chain Max’s Group Inc. (MGI) saw a 4-percent year-on-year growth in first semester net profit, which hit P295.33 million, as the group generated higher sales from its growing store network.
Revenues for the six-month period grew 10 percent year-on-year to P5.43 billion, driven by higher restaurant and commissary sales as well as franchising fees.
MGI’s restaurant sales increased by 9 percent to P4.53 billion in the first six months, attributable to new store openings and stable same store sales performance.
Commissary sales rose by 13 percent to P630.87 million while revenues from franchise, royalty and continuing license fees increased by 28 percent to P270.52 million in the same period in review.
System-wide sales were also up 13 percent year-on-year to P7.43 billion.
“The results are consistent with our growth story and the overall state of the economy. For the second half, we will continue to execute a balanced store rollout in key strategic areas,” Max’s Group president Robert Trota said in a press statement on Wednesday.
As of end-June, MGI was already operating a network of 600 stores including 38 abroad.
In the first half of the year, the group opened 35 new stores, including an international outlet for Max’s Restaurant in Kuwait. It is looking to close 2016 with up to 70 new local stores.
Its family of brands include Max’s Restaurant, Pancake House, Yellow Cab Pizza, Krispy Kreme, Jamba Juice, Max’s Corner Bakery, Teriyaki Boy, Dencio’s, Meranti, Sizzlin’ Steak, Maple, Kabisera, Le Coeur De France and Singkit.
For its offshore business, MGI has so far inked 11 development agreements for 2016: 70 Yellow Cab Pizza stores across China, Saudi Arabia, United Arab Emirates, Singapore, Egypt and Jordan; 13 Pancake House outlets in Qatar and United Arab Emirates; 10 Sizzlin’ Steak branches in Vietnam; and three Max’s Restaurant in San Diego.