Max’s posts record net income end Sept

MAX’s Group Inc. (MGI) announced it has surpassed full-year organic net income this year with the P427.33 million it registered for the first nine months, an increase of 82 percent over the same period last year, as its reengineered economic model it adopted during the lockdown has provided greater efficiency and economies of scale.

The company’s consolidated revenues for the first nine months of the year amounted to P7.77 billion, a 46-percent growth from P5.32 billion in the same period last year. Topline is recovering supported by continued relaxed restrictions despite the challenges posed by the current economic environment.

MGI’s system-wide sales, generated by both company-owned and franchised stores for the nine months amounted to P12.56 billion, growing 46 percent from the same period last year, and already beating full-year 2021 sales of P12.52 billion.

Local market sales jumped 72 percent in the third quarter of 2022 versus the same period last year as consumer confidence and mobility continue to recover and improve.

Its international operations reported a solid 15-percent growth despite labor challenges in the North America market, with new agreements in place to further expand reach in other new markets.

Core brands are healthy with dine-in brands Max’s Restaurant and Pancake House securing a significant boost in sales as restrictions continue to relax, while off-premise brands, such as Yellow Cab Pizza Co. and Krispy Kreme, sustained their pandemic-proofed resilience.

“We are cautiously pleased with the results of the Group throughout 2022 thus far as despite the headwinds, the business model we orchestrated throughout the pandemic continues to bear fruit,” MGI President Ariel Fermin noted.