Max’s eyes expansion to Europe

MANILA, Philippines - Max’s Group Inc. (MGI) plans to continue strengthening its international presence and may even make its foray in Europe, its top official said.

MGI president and CEO Robert Trota told reporters following the company’s annual stockholders meeting yesterday that they remain on the lookout for opportunities overseas.

“There’s continued interest. The international market alone is making waves and gaining ground as we expand. Our reputation and promises have been delivered so that is why we are getting inquiries,” Trota said.

At present, the company is already in the Middle East, North America and Asia.

Trota said these areas have room for expansion and the company may finally make its debut in Europe.

“We are in China, Singapore, Vietnam so that particular area has room for expansion…Europe is still under penetrated but the clamour for Europe is there so hopefully, we can get there pretty soon,” Trota said.

Among the company’s brands include Max’s, Pancake House, Yellow Cab and Teriyaki Boy.

Last year, the company reported a net income of P561.74 million, up 12 percent.

Trota said the growth from delivery has been growing double digit and is likely to continue growing, possibly at 20 to 30 percent growth.

Sales rose 12 percent to P15.34 billion, bringing topline up 10 percent to P11.44 billion.

Restaurant sales increased 10 percent to P9.42 billion as the company opened 77 new stores.

Sales from online and delivery came in 24 percent higher at P1.08 billion while commissary sales stood relatively flat at P1.26 billion owing to closures of certain franchised outlets.

Of the 77 new stores that opened last year, 16 are located overseas. This brought the group’s total network count to 623 branches with 49 situated abroad.

The company is on track to increase its outlets to 1,000 outlets by 2020.

 Offshore, MGI intends to put up over 140 stores in the coming years.

Last year, it was able to secure eight development agreements for at least 80 stores across various geographies. Among the notable markets penetrated for 2016 include China and Singapore.

 MGI is pouring in P750 million to P800 million for capital expenditures this year, largely for the rollout of another 60 to 70 new stores for its core brands.