MAX’S Group Inc., an operator of casual dining restaurants, said it posted an all-time high net income last year to P622 million, a 38 percent increase from the previous year’s P450.98 million, which included P377 million gains from the sale of a subsidiary.
The company said that in terms of organic profitability, its income last year reflects an eight-times-multiple versus 2021 and outperformed pre-pandemic 2019 by 63 percent.
“Our commitment to our stakeholders is to not only recover during the pandemic but come out stronger,” Max’s CEO Robert F. Trota said.
“Despite the challenges that the organization has faced since the first lockdown in 2020, our business model has been tested and proven, with consistency of executed strategies as evidenced in our recovery,” Trota said.
System-wide sales generated from both company-owned and franchised stores for the full year reached P17.6 billion, a 41-percent growth from the same period last year with 2021 sales of P12.52 billion.
Consolidated revenues of the group for the year grew 44 percent to P10.98 billion from the previous P7.64 billion.
Local same store sales growth rose by 43 percent, while its international markets increased by 36 percent proving opportunities were maximized as the market continues to open, bolstered by continued relaxed restrictions and holiday demand surge in the fourth quarter.
For the fourth quarter, system wide sales reached P5.04 billion, a 29-percent increase from the previous P3.9 billion.
Revenues grew by 39 percent for the period, up by almost a billion pesos to P3.21 billion from P2.32 billion in the same quarter of the prior year.
Local market sales jumped by 33 percent from the same period last year as consumer confidence, mobility and economics continue to revive. Meanwhile, the international business reported a 15-percent growth despite labor challenges in the North America market, with new agreements in place to further expand global reach in other markets.
Max’s said it placed measures to counter market volatility and rising commodity prices, gross profit margin was stable at 34.5 percent for the quarter.
As of end 2022, the group’s store network covers 14 territories, with 612 Philippine sites and 66 stores situated across various locations in North America, the Middle East and Asia.
