Restaurant chain operator Max’s Group Inc. said Monday net income grew by 38 percent in 2022 to a record P622 million from P451 million in 2021 on the back of higher sales of core brands.
Core net income, which excludes the P377-million one-time gain from the sale of a subsidiary in 2022, jumped eight times from 2021 level and 63 percent from the pre-pandemic 2018 level.
The group’s system wide sales, a measure of all sales to consumers from company-owned and franchised stores, went up 41 percent to P17.6 billion in 2022 from 2021 sales of P12.52 billion.
Same-store-sales growth from domestic operations climbed 43 percent, while same-store sales from international business increased 36 percent on continued relaxed restrictions and holiday demand surge in the fourth quarter.
“Our commitment to our stakeholders is to not only recover during the pandemic but come out stronger. 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,” MGI chief executive Robert Trota said in disclosure to the stock exchange.