MGI’s Sizzlin’ Steak to enter Middle East market
MAX’S GROUP, Inc. ( MGI) looks to expand its footprint in the Middle East after entering into an agreement to put up seven Sizzlin’ Steak outlets in the United Arab Emirates (UAE) over the next five years.
The listed casual dining restaurant operator announced on Monday its partnership with Abu Dhabi- based Kasamar Holdings ( KH) for establishment of Sizzlin’ Steak branches, the first of which is targeted to open by early 2018.
“We are witnessing the emergence of Sizzlin’ Steak as a global mainstream brand. At the same time, we are pleased with our partnership with Kasamar Holdings to introduce our hot plate concept to the UAE,” MGI President and Chief Executive Officer Robert F. Trota was quoted as saying in a statement.
For his part, KH Director Mo Bississo cited MGI’s reputation in the food and beverage industry in the Philippines as well as the value proposition of the brand as among the reasons for the partnership.
“We genuinely believe in the uniqueness and value proposition offered by Sizzlin’ Steak. We look forward to launching our first shop in the UAE by early next year with the intent to accelerate rollout in the longterm. I am confident the brand will be positively received by the local community due to its mainstream appeal,” Mr. Bississo said in the statement.
KH has core interests in private equity and venture, real estate, and public securities, while also operating one of the largest private health care providers in UAE.
The partnership with KH marks the fourth development contract MGI signed into this year, adding to the pool of over 130 stores set to open in the coming years.
This will be added to MGI’s current portfolio of 655 stores, including 55 franchised outlets located across North America, the Middle East and some parts of Asia.
MGI currently has three brands in the Middle East, namely Max’s Restaurant, Yellow Cab, and Pancake House.
Also under MGI’s brands are Krispy Kreme, Jamba Juice, Max’s Corner Bakery, Teriyaki Boy, Dencio’s, Meranti, Le Coeur De France, Maple, Kabisera, and Singkit.
MGI posted an attributable profit of P154 million in the second quarter of 2017, 18% higher than its earnings in the April to June period in 2017. This follows a 14% uptick in revenues to P3.14 billion for the period.
Including first quarter results, MGI’s year- to- date net income attributable to the parent rose 12% year on year to P329 million, while revenues went up 11% to P6.05 billion.
Shares in MGI climbed 40 centavos or 1.95% to P20.90 each at the stock exchange on Monday. —