MTY Group: profits up in the second quarter

MTY Group: Earnings Up in Second Quarter

UPDATE DAY

MTY Food Group on Friday announced increased dividends for the second quarter ended May 31. 

Net income attributable to owners reached $28.6 million, or $1.17 per diluted share, compared to $23 million, or $0.93 per diluted share, in the same period of 2021.

< p>The catering franchisor's turnover grew by 18% in one year to reach $1,054.3 million internationally, while in Canada, network turnover experienced a up 55%.

Adjusted EBITDA increased from $43.5 million to $47.6 million between the two comparison periods, while cash flow from operating activities amounted to $30.7 million during the second quarter of 2022.

As of May 31, the MTY network had 6,600 establishments in operation, including 89 operated by the group, while 39% of franchise restaurants 54% are in Canada and 54% in the United States.

“The lifting of government restrictions in Canada related to the COVID-19 pandemic has greatly benefited our business, as products from franchised establishments increased by 46% compared to the previous year north of the border”, indicated Éric Lefebvre, president and general manager of MTY.

“The opening of new establishments, which numbered 47 during the quarter, continues to be held back by problems in the supply chain and with regard to the construction sector, but there are encouraging signs that these problems are beginning to absorb,” he added.