Posted on March 22, 2017 | BusinessWorld
Max’s Group Inc. (MGI) on Tuesday said it inked a development agreement with YTT Sdn Bhd to open at least 10 Yellow Cab Pizza outlets in Brunei and East Malaysia within the next five years.
This is MGI’s second development deal for 2017, bringing to around 140 the total number of international stores set to open in the next few years.
In a statement, MGI President and Chief Executive Officer Robert F. Trota said the deal underscores the mainstream appeal of the homegrown pizza chain.
“We are excited with the opportunity to serve the flavors of New York to the people of Brunei and East Malaysia. Looking ahead, we will continue to further unlock the brand’s potential in other markets,” he said.
For his part, YTT Sdn Bhd Director Hj Jameel Ahmed expressed confidence in Yellow Cab Pizza’s appeal in the Brunei and East Malaysian markets.
“We are excited to bring Yellow Cab Pizza to Brunei and East Malaysia. We believe that Yellow Cab Pizza brand inspired by New York, will attract the young demographic group in the market. The flagship store will be situated in Brunei and is slated to open in the third quarter,” he said.
In February, MGI said it signed a development agreement with Blue Star Food Corp. to establish at least 12 Yellow Cab Pizza stores in Vietnam within a five-year period.
Yellow Cab Pizza currently operates a network of 150 branches worldwide. This includes eight franchised outlets in Qatar, two in United Arab Emirates, one in Saudi Arabia, two in China, one in Hawaii and one in Singapore.
The company, whose portfolio of food and beverage businesses started with Max’s Restaurant in 1945, started pursuing an aggressive expansion abroad in 2015 using a structured international franchising approach.
The listed company said its net income grew to P561.7 million in 2016, following a 12% increase in systemwide sales to P15.34 billion, and a subsequent 10% rise in revenues to P11.44 billion.
Aside from Max’s and Yellow Cab, MGI operates dining places under the brands Pancake House, Sizzling Steak, Krispy Kreme, Jamba Juice, Max’s Corner Bakery, Teriyaki Boy, Dencio’s, Meranti, Maple, Kabisera and Singkit.