, Philippines

Max’s Group net income skyrockets by 332% to P239.5m in Q2 2022

This is thanks to the ongoing supply chain efficiencies.

Philippines’ Max’s Group net income for the second quarter of 2022 exceeded pre-pandemic levels, increasing by 332% year-on-year (YoY) to P239.5m on the back of an efficient supply chain.

In a statement, the company said its systemwide sales comprised of sales generated by both company-owned and franchised stores reached P4.54b, up from P2.91b in the second quarter of 2021. Revenues, meanwhile jumped by 58% YoY to P2.82b.

Gross profit during the period nearly doubled to P1.05b despite the rise in commodity prices.

READ MORE: Philippines’ Max’s Group profit nearly doubles in Q1

The company said the ongoing supply chain efficiencies supported the profit surge, adding that the Group’s consolidated billion-peso commissary continues to provide end-to-end upside in the procurement of raw materials, manufacturing and logistics. These also contributed to tight controls on its cost of sales.

“Regardless of any volatility in our various markets across the world, we have been disciplined in optimizing both demand for our deep, diverse portfolio of brands, and the efficiency in which we are able to convert revenue into profit. Our second quarter results prove yet again that our architecture works, even in sub-optimal operating conditions,” MGI CEO Robert Trota said.

MGI’s net income for the first half grew 18 times compared to the same period last year to P281.1m, whilst its systemwide sales soared 41% YoY to P8.09b, supported by the relaxation of dine-in restrictions from February onwards.

The Group’s consolidated revenue for the first half rose 38% YoY to P4.98b. And its gross profit jumped 67% YoY to P1.73b.

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