Max’s Group Inc. said it grew its profit 38 percent to P622 million from P451 million in 2021.
Revenues grew 44 percent o P10.98 billion from P7.64 billion, over system-wide sales growth of 41 percent, at P17.60 billion from P12.52 billion.
Max’s said same -store sales in the Philippines grew 43 percent while overseas stores posted a same store sales growth of 36 percent.
Earnings before interest, taxes, depreciation, and amortization and net income margins were at 19.8 percent and 5.7 percent, respectively.
“The group’s strategies developed and executed during the course of the pandemic have accelerated profit recovery posting an all-time high organic net income for 2022 surpassing pre-pandemic levels amidst COVID lockdowns, market changes and commodities risks faced throughout the year,” the company said in a statement.
“Our commitment to our stakeholders is to not only recover during the pandemic but come out stronger. Despite the challenges that the organization has faced since the first lockdown in 2020, our business model has been tested and proven, with consistency of executed strategies as evidenced in our recovery,” said Robert Trota, Max’s chief executive officer.
