Max’s Group Inc. registered a net income of P626.7 million in 2017, up 12 percent from P561.7 million in 2016, on strong restaurant sales and rollout of new stores.
MGI said in a disclosure to the stock exchange systemwide sales rose 13 percent to P17.34 billion in 2017 from P15.34 billion in 2016.
Revenues increased 11 percent to P12.66 billion from P11.44 billion, while restaurant sales climbed 11 percent to P10.46 billion from P9.42 billion, driven by sustained same store sales performance and revenue contribution of new stores.
The group’s delivery business posted a significant growth of 27 percent to P1.37 billion from P1.08 billion on efforts to broaden online ordering channels and upgrade delivery infrastructure.
A same store sales growth of 5 percent and a 13-percent increase in overall transaction count contributed to and sustained the group positive financial performance in 2017.
“MGI maintained a strong growth momentum in 2017. Our brands ensured their relevance to today’s customers, and were undeterred in retaining their leadership positions in the casual dining segment despite the challenging market conditions encountered,” MGI president and chief executive Robert Trota said.
“We are excited to gain a stronger foothold in the consumer foodservice industry as we continue to expand our business through a renewed focus on franchising,” he added.
After opening 78 new stores in 2017, MGI now has a network of 673 branches, including 55 across several cities in North America, the Middle East and Asia.
MGI plans to roll out of 80 to 90 new outlets this year, primarily through franchising. Jenniffer B. Austria
It allocated P600 million in capital expenditures this year to reinforce support services and fund the construction and renovation of select flagship stores to improve customer experience.