Consumption rebound lifts Max's Group profits in 2022

MANILA, Philippines — Max’s Group Inc. saw its earnings fatten in 2022 on the back of resurgent consumer spending fueled by the domestic economy’s reopening.

In a disclosure sent to the Philippine Stock Exchange on Monday, Max's reported its net income leapfrogged 38% year-on-year to P622 million in 2022.

Consolidated revenues advanced 44% on an annual basis to P10.98 billion in the same period.

“Despite the challenges that the organization has faced since the first lockdown in 2020, our business model has been tested and proven, with the consistency of executed strategies as evidenced in our recovery,” Robert Trota, company chief executive, said.

Max's houses various casual dining brands in its portfolio such as Max's Restaurant, Pancake House, Yellow Cab Pizza Co., Krispy Kreme, Jamba Juice, Max’s Corner Bakery, Teriyaki Boy, Dencio’s, Sizzlin’ Steak, Maple, Max’s Kabisera, Le Coeur De France, and Singkit.

The company disclosed brands such as Max’s Restaurant and Pancake House saw sales improve as restrictions eased, which off-premise brands such as Yellow Cab Pizza Co. and Krispy Kreme maintained its growth trajectory. 

Broken down, the publicly-listed restaurant operator noted system wide sales from franchised and company-owned stores ballooned 41% on-year to P17.6 billion in 2022. 

Same store sales from its local and global operations grew 43% and 36%, respectively, on the back of relaxed restrictions and the holiday surge. 

Earnings before interest, taxes, depreciation, and amortization rose 19.8% on-year in 2022. 

Max's reported that as of the end of 2022, they were operating 612 stores of its various brands in the Philippines while 66 were located in North America, the Middle East, and Asia. — Ramon Royandoyan