According to Max's Group core profit exceeds prepandemic level | Inquirer Business, the world's largest restaurant company, Max's Group Inc., said that groupwide sales increased by almost 40% in 2022 as indoor eating restrictions imposed during the health crisis last year were loosened.
The company Max's, whose businesses include Max's Restaurant, Pancake House, Yellow Taxi, and Krispy Kreme, said that core net income increased by eight times to P622 million last year. A one-time gain from the sale of assets last year was not included in the number.
Net income last year was 63% higher than the prepandemic level based on core profits.
Notwithstanding the difficulties the company has seen since the first lockout in 2020, Max's CEO Robert F. Trota said in a statement that the company's business model has been tried and true, with consistency of implemented plans as reflected in our comeback.
The business finished 2022 with systemwide sales of P17.6 billion, up 41%, and total revenues that increased by 44% to about P11 billion.
Growth in same-store sales, which do not include contributions from recently established locations, rose by 43%.
Also, Max's reported a system-wide sales increase of 29% in the fourth quarter of 2022. Due to rising consumer confidence and mobility during this time, local sales rose by 33%.
Despite labor issues in the North American market, Max's overseas company also grew by 15%, and new agreements have been made to broaden its global footprint in other markets.
Now, the foundation of our company is stronger. We promised to be more than prepared when the market is ready as part of our obligation to our shareholders. According to Max's president Ariel P. Fermin, the group has changed as a result of the revised fundamentals that began in 2020 and our strategic pivots, which are also reflected in our financial performance.
n our primary restaurant company, we are still committed to providing excellent customer service. We have also developed significant relationships with our users on the platform next to us. Our shareholders, business partners, and staff continue to find us to be a desirable and trustworthy option, he continued.
