LISTED casual dining operator Max’s Group, Inc. (MGI) announced on Tuesday the appointment of a new chief financial officer (CFO) after the previous one stepped down for personal reasons.
In a media release, the company said that its board of directors appointed Roberto Joaquin P. Ramos effective Oct. 2.
“I am pleased to welcome Roberto to the MGI executive management team. His tremendous experience and skilled leadership will be instrumental in realizing our business transformation plans and growth objectives, and will be a valuable contributor in guiding our company forward,” said Max’s President and Chief Executive Officer Robert F. Trota.
The company said that Mr. Ramos has more than 30 years of experience in financial planning, accounting, risk management, and corporate governance.
He was previously the CFO of media investment company Group M. He also held the same position in McDonald’s Philippines operator Golden Arches Development Corp., Philips, and ABB.
The appointment comes after the resignation of the company’s previous CFO Maria Rochelle S. Diaz effective Sept. 15 “to pursue new professional opportunities.”
“I would like to offer our sincere thanks to Rochelle. She has supported us in shaping and steering Max’s Group through a very uncertain environment over the last three years. We wish her the best in her next endeavors,” Mr. Trota said.
Meanwhile, the company reported a 20.6% decline in second-quarter attributable net income to P168.32 million from P239.2 million a year ago.
Its revenues for the three-month period edged up to about P3 billion, 6.4% higher than the P2.82 billion in the same period last year.
For the first half, the company booked an attributable net income of P245.38 million, 12.6% lower than P280.67 million last year.
Its topline rose by 17.5% to P5.85 billion from P4.98 billion, mainly driven by a 14.1% increase in restaurant sales to P4.44 billion from P3.89 billion the prior year
The company’s system-wide sales were at P9.2 billion across both company-owned and franchised stores in its network.
It said that Max’s expanded its business-to-business space by providing its products to 2,585 locations comprising mostly supermarkets and convenience stores nationwide.
“This expansion aligns with the company’s efforts to tap into food retail, which is a promising category to supplement its core restaurant and commissary businesses,” the company added.
As of June 30, Max’s network covers 14 territories with 593 locations in the Philippines and 66 stores across various locations in North America, the Middle East, and Asia.
Max’s brands include Max’s Restaurant, Pancake House, Yellow Cab Pizza, Krispy Kreme, Jamba Juice, Max’s Corner Bakery, Teriyaki Boy, Dencio’s, Meranti, Sizzlin’ Steak, Maple, Kabisera, Le Coeur De France and Singkit. — Adrian H. Halili