Max’s Group plans to open up to 30 more stores this year, buoyed by a solid jump in first half profit on the back of network expansion.
The casual restaurant chain operator announced Tuesday its total sales rose 12 per cent to P8.29 billion for the first six months – profit rose by the same percentage, to P331.72 million. Max’s opened 41 new stores during the period, including six overseas, taking its total network to 650, 53 of those offshore. Yellow Cab Pizza is the star performer, especially offshore, where the company has two new development contracts to open at least 22 outlets in Vietnam, Malaysia and Brunei within the next five years.
Max’s Group’s other brands include Pancake House, Sizzlin’ Steak and Max’s Restaurants.
Revenues from new franchises as well as royalty and continuing license fees grew 23 per cent to P333.65 million in the first half.
“We are happy with the results despite an increasingly challenging environment,” said MGI president and CEO Robert Trota. “Moving into the next quarter, we have lined up exciting product initiatives to cushion cyclicality effects during wet season.”