By Denise A. Valdez, Reporter
MAX鈥橲 Group, Inc. (MGI) on Monday grew its profit by 8.3% in the third quarter, as it opened more franchise stores during the period.
In a statement, the listed casual dining company reported a net income of P128.32 million in the July to September period, up from the P118.54 million in the same period last year.
Systemwide sales, a measure of all sales to consumers, jumped 7.7% to P4.82 billion in the third quarter, while revenues increased 5.3% to P3.39 billion.
Year to date, MGI鈥檚 net income stood at P494.77 million, 9.8% higher from the same period last year. Systemwide sales went up 5.7% to P14.55 billion, while revenues climbed 4.8% to P10.43 billion.
鈥淥ur positive results are attributed to the success of our current company-wide strategies, namely: growing our franchise business, investing in supply chain modernization, and strengthening brand relevance. As industry conditions improve, we are resolute in our commitment to maintain market leadership and increase shareholder value,鈥 MGI President and Chief Executive Officer Robert F. Trota said in the statement.
Company-owned restaurants generated P8.53 billion in sales during the nine-month period, an increase of 3% from last year. Commissary sales grew 13.5% to P1.29 billion as franchising income rose 13.6% to P608.23 billion.
Sales from deliveries also improved during the period, ending at P1.32 billion or 15.8% higher from last year. This was due to the company鈥檚 efforts to partner with food aggregators that supplemented its in-house delivery operations.
MGI Chief Operating Officer Ariel P. Fermin said the company expects a boost in performance heading into the holiday season.
鈥淲e have augmented the capacity of our commissary operations and continue to future-proof our business for sustained efficiency and long-term profitability,鈥 he was quoted in the statement as saying.
MGI launched a total of 50 new stores during the nine months to September, of which 16 are located overseas. It now has 730 branches across its restaurant brands, of which 64 are in North America, the Middle East and Asia.
MGI is the listed operator of Max鈥檚 Restaurant, Pancake House, Yellow Cab Pizza, Krispy Kreme, Jamba Juice, Max鈥檚 Corner Bakery, Teriyaki Boy, Dencio鈥檚, Sizzlin鈥 Steak, Maple and Kabisera.
Shares in MGI at the stock exchange slipped 0.04 point or 0.30% to P13.26 apiece on Monday.
