Max’s Group posts P631 million income in 2018

MANILA, Philippines — Max’s Group Inc. (MGI), the listed casual dining chain, reported a net income of P631 million last year, up from P622 million in 2017.

This included a P146 million in deferred tax benefit recognized on net loss carryovers of some entities.

Systemwide sales went up eight percent to P18.8 billion with a steady same-store sales growth of four percent.

This brought topline to P13.68 billion from P12.66 billion the previous year or a growth of eight percent.

Restaurant sales increased eight percent to P11.3 billion, driven by the opening of 24 new company-owned branches.

Commissary sales went up 10 percent to P1.57 billion on the back of a growing franchising base.

Franchising income grew six percent to P820.4 million from P776.2 million a year ago.

For 2018, the company rolled out 66 new stores including 11 international branches to bring its total network count to 705 outlets.

Cash from operations rose 68 percent to P1.2 billion, signalling a strong recurring business model from core activities.

MGI chief operating officer Ariel Fermin said the company’s latest results continue to show progress given cost-efficient measures implemented during a rising inflationary environment last year.

For 2019, MGI is confident that the prevailing macroeconomic backdrop will remain supportive of its business.

“We are entering 2019 with guarded optimism with inflation starting to ease and election-related spending coming into play. Coupled with our business building programs, we hope this positive momentum will continue throughout the year,“ MGI president and chief executive officer Robert Trota said.