Max’s Group [MAXS 4.90 1.2%] [link] teased that its FY22 “organic net income” of P622 million, up 38% from its “statutory” net income of P451 million in FY21.
MAXS said that this level of profitability is higher than its pre-pandemic heights, and out performs its pre-pandemic levels by 63%.
System-wide sales were up 41% to P17.6 billion, while “local” same store sales grew 43% and “global” same store sales grew 36%.
MAXS reported a stable profit margin, despite “market volatility and rising commodity prices” thanks to counter-measures like a strengthened internal supply chain and its new “consolidated” commissary.
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The press release comes off a little thesaurus-y, but that’s probably just the pride in the results seeping through.
“Organic” net income is net income from the company’s existing business (excluding businesses that were acquired during the period), almost like a “same store sales” but for overall net income across all income streams.
“Statutory” net income is just (as far as I know) a weird way of distinguishing MAXS’s subset of organic net income from its regular (statutory) net income.
It’s interesting to see that MAXS exhibited the same disproportionate growth as Jollibee [JFC 222.00 0.5%] did coming from the Philippine region as compared to the rest of its global operations.
I am curious to see how MAXS’s recovery as a “casual restaurant” might differ from JFC’s as a “quick service restaurant”.
I’m definitely interested to get a closer look at the full financials when they're released.
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