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Max’s Group, the listed dining group, has reported a 12 per cent increase in profit last year as sales rose across all of its banners.
The company recorded total income of of P561.74 million for 2016, up from P501.39 million the prior year.
And CEO Peter H. King says better is to come this year. “We remain bullish on the pace of our global business. Our focus this year is to boost recurring income by accelerating store development. Nonetheless, we shall constantly be on the lookout for fresh territories.”
Max’s Group’s brands include Yellow Cab Pizza, Pancake House, Sizzlin’ Steak and Max’s Restaurants.
President Robert F. Trota said the company was able to execute successful strategies amidst “a rapidly intensifying competitive environment”.
“Overall, it was another productive year for us.”
Restaurant sales rose 10 per cent to P9.42 billion driven by the opening of 77 new stores and solid same-store sales performance.
Max’s group now has 623 stores, including 49 overseas. It is targeting 1000 outlets by 2020, 200 of them offshore, and has budgeted P750 million to P800 million to open between 60 and 70 this calendar year. It already operates stores in the UAE, the US, Singapore, Egypt, Jordan and Vietnam.
The company’s online and delivery business performed exceptionally well last year, with revenues up 24 per cent to P1.08 billion.