Max’s Group nets P42M in Q1

Casual dining restaurants chain Max’s Group Inc. (MGI) reported positive financial performance during the first three months of 2022 despite the Omicron surge which led to strict lockdowns in the early part of the year.

In a disclosure to the Philippine Stock Exchange, Max’s Group reported a net income of P42 million in the first quarter of 2022, nearly doubled from P22 million in the same period last year.

This is on the back of P3.55 billion in systemwide sales —comprised of sales generated by both company-owned and franchised stores— of P3.55 billion and revenues of P2.17 billion, up 125% and 118% year-on-year, respectively.

“We are very excited with our first quarter 2022 results despite the January lockdown, as they gave us indication of the shape of what’s to come for MGI. We have not experienced a full quarter without any lockdown restrictions since the start of the pandemic, and the coming months will give us a better picture of the full realization of MGI’s business revolution over the last two years,” said Ariel Fermin, MGI president.

“We also continue to expand our reach and market not only though brick-and-mortar stores but across all available channels, such as cloud kitchens, retail outlets, and e-commerce platforms,” Fermin said.

The company said its core brands Max’s Restaurant, Pancake House, Yellow Cab Pizza Co., and Krispy Kreme all realized upsides with the relaxed restrictions and are expected to further realize gains as dine-in continues to surge amidst heightened mobility.

Revenues, which comprise of restaurant sales, commissary sales, franchising, and other revenue, increased by 18% to P2.17 billion from P1.84 billion year-on-year.

As of March 31, 2022, MGI’s store network totaled 14 territories, with 603 Philippine sites and 62 stores situated across various locations in North America, the Middle East, and Asia.—AOL, GMA News