Max’s Group Inc., the country’s largest casual dining restaurant group, registered a net income of P227.8 million in the second quarter of 2019, up 9.4 percent from P208.3 million year-on-year, boosted by a steady growth in revenues.
MGI said in a disclosure to the stock exchange Friday systemwide sales, a measure of all revenues, rose 5.9 recent to P5.1 billion from P4.9 billion on year.
Total revenues increased 4.8 percent to P3.7 billion from P3.5 billion in the same quarter last year.
The company’s profit in the first half of the year climbed 10.4 percent to P366.4 million from P332 million on year.
“Our first-half success is attributable to heightened brand relevance, improving market conditions, and the effectiveness of our enterprise-wide productivity measures. Similar to previous quarters, we have consistently delivered profitable growth. We aim to continue expanding our margins through more profitable bundles, commissary modernization, and supply-chain integration,” said MGI chief operating officer Ariel Fermin
First-half systemwide sales increased 4.7 percent to P9.7 billion from P9.3 billion in 2018, while topline growth totaled P7.0 billion, up 4.5 percent from P6.7 billion reported in the same period last year.
Restaurant sales improved by 2.1 percent to P5.7 billion from P5.6 billion.
Due to a growing base of franchising operations, MGI’s commissary sales as well as franchising and other revenue rose 7.6 percent to P860.1 million and 37.1 percent to P460.8 million, respectively.
Online and delivery sales in the first six months of 2019 gained 13 percent to P845.5 million from P748.6 million in the comparable period in 2018.
“We remain steadfast in our commitment to balance daily quality management with investments that will future-proof our business. We are cognizant of the changing landscape, particularly in the food delivery market,” said MGI president and chief executive Robert Trota.
“We welcome these new channels that expand choice and convenience for our consumers. In order to bolster our current performance and fuel our topline gains, we will continue to explore partnerships with these online platforms and strategically invest in our brands,” he said.
Total store network increased to 711 branches, including 57 stores located across North America, the Middle East and Asia.