Max’s Group Inc. said: Inc., which operates a casual dining restaurant, said its income from January to September grew 82 percent to 427.32 million pesos from 234.5 million pesos last year.
The company said last year’s income included a one-time gain of 377 million pesos from the sale of a subsidiary whose primary asset was land.
“Consecutive quarters have delivered on our promise to deliver resilience regardless of market volatility and global conditions. Our results have proven time and time again that we can reach greater heights despite challenging conditions to serve our stakeholders and consumers,” said Max CEO Robert F. Trota.
System-wide sales generated by both company-owned and franchised stores for the nine-month period were P12.56 billion, up 46 percent over the same period last year and already surpassing full-year 2021 sales of P12.52 billion.
The group’s consolidated revenue was 7.77 billion pesos, up 46 percent from 5.32 billion pesos in the same period last year due to continued relaxed restrictions despite challenges from the impact of Omicron in the first quarter, and inclement weather during the first quarter. Third quarter.
“Despite the headwinds, the business revolution we orchestrated during the pandemic continues to pay off in how our organization is run, how our brands perform, and how our economic model delivers profits. On an organic level, we are particularly proud of how our margins outperform 2019 levels.” , making it an attractive and reliable choice for our shareholders, business partners, and employees,” said Company President Ariel B. Firmin.
In the third quarter, system-wide sales reached 4.47 billion pesos, up 55 percent from last year’s 2.87 billion pounds. Likewise, revenue grew by 64 percent for the period, increasing by more than 1 billion pesos to 2.79 billion pesos from 1.7 billion last year.
Domestic market sales jumped 72 percent in the third quarter from the same period last year as consumer confidence, mobility and the economy continued to pick up.
Meanwhile, international business posted 15 percent growth despite employment challenges in the North American market, with new agreements in place to expand global reach in other markets.
Reported net income for the third quarter is three times higher than the same period last year and five times higher than net organic income in 2019.
The company said core brands are healthy with the eat-in brands Max’s Restaurant and Pancake House ensuring a significant increase in sales as restrictions continue to ease, while out-of-town brands Yellow Cab Pizza Co. and Krispy Kreme for its pandemic-resistant resilience.
As of the end of September, the company’s store network totaled 14 regions, with 600 Philippine locations and 63 stores spread across various locations in North America, the Middle East and Asia.