Max’s Group incurs P1.68 billion loss in 2020

MANILA, Philippines — Max’s Group Inc. (MGI), a casual dining restaurant chain in the Philippines, incurred a net loss of P1.68 billion last year, a turnaround from the P720 million income it posted in 2019 as the pandemic battered businesses.

However, the company posted an improvement in sales in the fourth quarter. 

Systemwide sales which comprised of sales generated by both company-owned and franchised stores, increased by 34 percent to P3.01 billion.

Revenues, meanwhile, grew 40 percent to P1.94 billion.

For the full year 2020, MGI recorded total SWS of P10.85 billion, down 46 percent from 2019.

Revenues likewise softened by 50 percent to P7.14 billion.

 “This extraordinary year was a reflection of the global restaurant industry performance amid the COVID-19 pandemic,” MGI president and CEO Robert Ramon Trota said. 

He said the Philippine government’s easing of dine-in restrictions from June onwards provided a strong upside over the second half of the year.

Core off-premise channels such as delivery and take-out performed at indices exceeding even pre-pandemic levels, proving that consumer demand for MGI portfolio of most-loved brands remains strong. 

The international business likewise posted an upward trend with SWS increasing nine percent from the previous quarter.

MGI Group chief operating officer Ariel Fermin said the company is determined to emerge from the temporary downturn of 2020, having accelerated three years of strategy into three quarters of execution.