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MANILA, Philippines – Max’s Group Inc. (MGI) reported its nine-month registration of net income with a three percent growth due to its third quarter plunge.
MGI’s net income increased to P380.56 million.
The company’s revenues climbed to P8.09 billion, which is an 11 percent growth. Additionally, its system-wide sales climbed to P11.09 billion or 12 percent.
Restaurant sales increased to P6.72 billion, an eight percent increase due to its opening of 22 more branches during the third quarter. Its sales performance from the branches also contributed in the earnings.
This year, Max’s added 11 international branches and 44 new stores. The overall branch count of the company is now 611 stores with 44 branches overseas.
In the third quarter of 2016, MGI opened its flagship stores for Sizzlin’ Steak in Vietnam, Yellow Cab Pizza in Beijing, and Changsha Province in China.
Sales from commission increased to P971.03 million or 19 percent. While its franchise revenues, continuing license, and royalty fees climbed to P399.87 million or 39 percent.
MGI’s business abroad will likely experience conversion of 91 outlets into physical stores.
In order to benefit from lower fixed budget items and higher labor turnover, MGI disclosed that it eyes shifting to certain brands’ quicker arrangements.
MGI Chief Executive Officer, Peter King, stated that the company’s concentration is on developing stores in order to perk up its present income base. It will still pursue other market opportunities.
The organization added that it also focuses on Max’s support infrastructure strengthening, which is fixed firmly on a shared services model.
Recently, the company had a modern human resources information system investment, which is designed for more effective workforce consolidation. In line with this is the company’s goal of maximizing productivity through eliminating manual processing.
Key growth strategies are explored by Max’s in order to ascertain its assets’ preparation for income-generating plans.