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The country’s leading casual dining chain operator, Max’s Group Inc. (MGI), grew its net profit last year by 12 percent to P561.74 million as robust domestic consumer spending supported a double-digit expansion in restaurant sales.
In a disclosure to the Philippine Stock Exchange, MGI said system-wide sales rose by 12 percent to P15.34 billion last year, supporting a 10-percent growth in revenue to P11.44 billion.
Restaurant sales rose by 10 percent to P9.42 billion from P8.59 billion as the group opened 77 new stores while same store sales performance was steady last year.
The rollout of 77 new stores last year— including 16 overseas branches—brought MGI’s total network count to 623 branches. Its overseas footprint now consists of 49 outlets The group sees itself on track to build a network of 1,000 outlets, including 200 international stores, by 2020.
Last year, MGI’s online and delivery revenues stood 24 percent higher at P1.08 billion, attributed to a centralized ordering and dispatch platform.
Commissary sales stood relatively flat at P1.26 billion from P1.28 billion owing to closures of certain franchised outlets.
Meanwhile, revenue from new franchises, royalty and continuing license fees rose by 54 percent to P766.72 million.
Cost of sales improved to 72.2 percent for 2016 from 72.6 percent in the previous year. —Doris Dumlao-Abadilla