Max’s Group nets P421M on the back of higher sales
On the back of higher sales it booked in the first nine months of the year, Max’s Group Inc.’s (MGI) earnings before interest, taxes, depreciation and amortization (EBITDA) stood at P970.80 million leading to a net income of P421.73 million, up 11 percent versus P380.56 million year-on-year.
During the period, MGI system wide sales particularly increased by 14 percent to P12.60 billion from P11.09 billion it had in the same period last year. Its topline also grew 12 percent to P9.04 billion from P8.09 billion as of 30 September 2017.
Meanwhile, restaurant sales rose 13 percent to P7.59 billion from P6.72 billion driven by revenue contribution of new stores and healthy same store sales showing, while blended same store sales growth was at 5 percent for the covered period.
Commissary sales also went up 5 percent to P1.02 billion from P971.03 million primarily indicating stable performance of the franchising business.
“The results underscore our steady growth state notwithstanding the effects of cyclicality, rising input costs and heightened competition. As we channel this momentum into the Christmas season, we are primed for another strong finish to cap off the year,” said MGI President and Chief Executive Officer Robert F. Trota.
“While we expect to close 2017 on a high note, we remain confident of our growth prospects heading into next year. We plan to rollout around 80-90 stores including 25-30 offshore for 2018,” he added.
As of the third quarter, Max’s Group opened 58 new stores both domestically and abroad bringing its overall network to 660 branches.
The Company will establish 10 to 15 additional outlets for the remainder of the year.
On the international front, MGI continues to broaden its footprint in various geographies around the globe. To date, the Company opened 11 new stores to shore up its existing count to 57 outlets scattered throughout North America, Middle East and parts of Asia.
It also inked a number of fresh development agreements for a combined 31 future sites across loved brands Max’s Restaurant, Yellow Cab Pizza and Sizzlin’ Steak.