Business Review


Maxim’s has become more resilient after mooncake sales season and easing of dining restriction in 2nd half.

Group Sales*


Group Profit

  • Restaurants
Sales of goods, 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 1,900 outlets in Hong Kong, Macau, Chinese mainland, Vietnam, Cambodia, Laos, Thailand, Singapore and Malaysia.

The performance of Maxim’s for the full year was severely hampered by a very challenging first quarter as result of the fifth wave in Hong Kong, which led to a large number of restrictions on movement and dining. LFL sales were significantly impacted and the Group’s share of underlying Maxim’s losses was US$26 million in the first half. Maxim’s performance improved as the year progressed, due to a solid mooncake sales performance and the easing of dining restrictions.The Group’s overall share of Maxim’s underlying profits was US$38 million for the full year, representing a significant turnaround from the US$26 million loss reported in the first half.

Chinese Mainland Hong Kong Macau Cambodia Thailand Laos Vietnam Malaysia Singapore
Chinese Mainland Hong Kong Macau Cambodia Thailand Laos Vietnam Malaysia Singapore


US$ 2.5 b

Share of Results

US$ 52 m

Store Network

1,908 stores


‡ Including 100% of associates and joint ventures.