MGI, the country’s largest casual dining restaurant group, expects to end the year on a strong note, banking on sustained growth in its net earnings and revenues.
The Funtebella-Trota-led company grew its third quarter profit by 8.3% to P128.3 billion while its systemwide sales, a measure of all sales to consumers, rose 7.7% to P4.82. Revenue went up 5.3% to P3.39 billion.
This brings Max’s net income in the nine months to September to P494.77 million, 9.8% higher than the previous year.
Systemwide sales went up 5.7% to P14.55 billion while sales from deliveries jumped 15.8% to P1.32 billion.
MGI president and CEO Robert F. Trota, attributed the growth to the success of its company-wide strategies such as growing its franchise business, investing in supply chain modernization, and strengthening brand relevance.
“We hope to advance our overall performance during the holiday season and to end the year strongly. We have augmented the capacity of our commissary operations and continue to future-proof our business for sustained efficiency and long-term profitability.” said Ariel P. Fermin, Max’s Group COO.
The company opened a total of 50 new stores including 16 overseas. This brings the company’s total store network to 730 branches, with 64 located across various locations in North America, the Middle East, and Asia.