Max’s Group Inc. said on Wednesday it signed a new deal to expand its pizza restaurant brand in the Middle East markets.
Max’s said in a disclosure to the Philippine Stock Exchange it agreed with Jalal Holding to put up at least five Yellow Cab Pizza stores in Jordan and 10 Yellow Cab Pizza outlet in Egypt within five years.
“We continue to chart new territories for expansion overseas. Our previous ventures and recent openings in this region have proven successful. We are truly witnessing the emergence of Yellow Cab Pizza as a global mainstream brand,” Max’s president and chief executive Roberto Trota, said.
This is the fifth agreement sealed by the company in 2016 resulting in a total commitment of 131 international outlets to be rolled out in the coming years.
“We partnered with Jalal Holding as we believe in their expertise and business prowess to spearhead this endeavor. Their credentials ensure consistent delivery of best-in-class products and services to customers,” Trota added.
Established in 2016, Jalal Holding is an emerging food and beverage group in Jordan and shortly in Egypt. The company plans to expand into the F&B business in Jordan and Egypt in the next few years to bring well known international brands into the market.
“We believe the food and beverage industry in Jordan and Egypt specifically has a huge potential. With our newly established company Jalal Holding, we plan to satisfy Jordan’s and Egypt’s customers’ growing needs of high quality food and beverage products.” Jalal Holding chief executive Jalal Dudin said.
“We are delighted to choose Yellow Cab Pizza as our first venture with MGI Group. Yellow Cab Pizza serves a New York style premium pizza in a fast casual dining setting that our market craves for,” he said.
Dudin said the company planned to start set-up and operation in Amman this year, followed by Egypt by early 2017.
“Jordan and Egypt’s food and drink industry is poised for positive growth and a large consumer base, we are so excited to bring the feel of the ‘Big Apple’ to Jordan and Egypt, as well as looking forward to expand Yellow Cab Pizza branches and introduce Max’s Group other brands to both markets in the near future,” Dudin added.
Yellow Cab currently operates a network of 135 branches including six franchised outlets located in Qatar and 1 in UAE.
Plans are underway to open its flagship store in Beijing, Changsha and Singapore as well as a pilot branch in Hawaii.
Besides Yellow Cab Pizza and Max’s Restaurant, Max’s operates Pancake House, Krispy Kreme, Jamba Juice, Max’s Corner Bakery, Teriyaki Boy, Dencio’s Meranti, Le Coeur De France, Maple, Kabisera, Singkit and Sizzlin’ Steak.
Max’s reported a net income of P501.4 million in 2015, reversing the net loss of P66.2 million in 2014. The company’s restaurant sales grew 6 percent to P8.6 billion from P8.1 billion in 2014.
Max’s as of end-2015 operated a network of 588 stores, including 35 abroad.