CASUAL dining chain Max’s Group Inc. (MGI) reported on Tuesday that its net income for the first half of the year rose 12 percent to P331.72 million from P295.33 million a year earlier, supported by strong system-wide sales.
In a disclosure to the stock exchange, it said system-wide sales increased 12 percent to P8.29 billion from P7.43 billion in the first half of 2016.
Revenues grew 11 percent to P6.05 billion from P5.43 billion in the same period last year.
Restaurant sales rose 11 percent to P5.04 billion from P4.53 billion, anchored on new store openings and steady same store sales performance.
Meanwhile, commissary sales went up 7 percent to P674.04 million from P630.87 million last year, owing to a growing number of franchised outlets.
Max’s said revenues from new franchises, royalty and continuing license fees rose 23 percent to P333.65 million compared to P270.52 million a year ago due to additional franchise sign-ups and a larger recurring income stream.
Peter King, chief executive officer of Max’s Group International, said MGI is focused on establishing more stores this year,
The company said it is planning to build another 25 to 30 stores by the end of this year in line with its vision to expand physical presence.
So far this year, MGI has opened 41 new stores including six outlets overseas, bringing its total network to 650 branches, of which 53 are situated abroad.
On the international front, MGI is working on operationalizing its current pipeline of around 140 stores across various locations in North America, Middle East and Asia.
The company also said it has secured development two contracts this year to establish 22 Yellow Cab outlets in Vietnam, Brunei and East Malaysia within five years.
“While efforts are centered on expanding physical presence, we are constantly on the lookout for opportunities to penetrate new geographies,” King said.