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04 Business Review
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The sales performance of Maxim’s improved significantly during the year on higher levels of restaurant patronage and encouraging levels of mooncake sales during the Mid-Autumn Festival.
Group Sales*
Group Profit †
*Including share of associates and joint ventures.
†Based on operating profit before effect of adopting IFRS 16 and share of results of associates and joint ventures, excluding selling, general and administrative expenses and non-trading items.
Founded in 1956, Maxim’s is a household name in Hong Kong, famous for its mooncakes and successful restaurants, bakeries, cafes and catering. The Maxim’s network has expanded across Asia Pacific, with over 1,800 outlets in Hong Kong, Macau, Chinese mainland, Vietnam, Cambodia, Thailand, Singapore and Malaysia.
The sales performance of Maxim’s improved in the year due to stronger levels of restaurant patronage, particularly in Hong Kong, and encouraging levels of mooncake sales during the Mid-Autumn Festival. Whilst recent government-imposed dining restrictions introduced in January 2022 will have some impact on Maxim’s performance, we believe Maxim’s is well placed to benefit when conditions normalise.
Maxim’s remains committed to pursuing its multi-brand strategy
‡ Including 100% of associates and joint ventures.
In Southeast Asia, sales were impacted by the rising number of COVID-19 cases, which curtailed patronage. However, a gradual easing of government-imposed restrictions did support improvement in the fourth quarter.
As a result of improving sales performance, particularly in North Asia as well as good growth in branded product sales such as mooncakes, Maxim’s underlying profitability increased significantly relative to the prior year.
Maxim’s announced strengthened partnership with Shake Shack
