Max’s Group Inc., the largest casual dining restaurant chain in the Philippines, said Friday it nearly doubled its first-quarter profit to P42 million from P22 million in the same period last year, driven by strong overseas sales and improvement in dine-in sales.
MGI said in a disclosure to the stock exchange first-quarter systemwide sales, comprised of sales generated by both company-owned and franchised stores, jumped 25 percent to P3.55 billion from P2.84 billion a year ago. Revenues also rose 18 percent to P2.17 billion, on the back of higher restaurant sales and commissary sales.
Domestic sales were still tempered as a result of the strict lockdown in January due to the Omicron surge, while international business continued to flourish, surpassing pre-COVID levels.
“Our results for Q1, even more markedly so in March, are an indication of strong demand for our brands and patronage of our core of core, which are available both in traditional brick-and-mortar spaces, and expanded to business-to-business and off-premise platforms,” said MGI chief executive Robert Ramon Trota.