(Montreal) MTY Food Group reports on Thursday significantly improved results for the fourth quarter and for the entire 2023 financial year.
Net income attributable to owners reached 16.4 million, or $0.67 per diluted share, an increase of 131% compared to the corresponding period of 2022. For all of 2023, net income was to 104.1 million, or $4.25 per diluted share.
The Montreal company’s network revenue for the entire year reached an all-time high of $5.6 billion, compared to $4.3 billion in 2022, an increase of 33%, while the figure Fourth-quarter network revenue increased 11% to 1.3 billion.
The network ended the quarter with 7,116 locations, compared to 6,788 locations in the fourth quarter of 2022. During the most recent three-month period, MTY Power Group opened 94 locations, the highest number of any quarter combined .
The President and CEO of MTY Food Group, Éric Lefebvre, believes that the dual growth strategy, which consisted of taking advantage of strategic acquisitions and also focusing on organic growth, has greatly enabled the company to overcome uncertain market conditions and inflationary pressures during the year.
On January 24, the company announced a 12% increase in its quarterly dividend, from $0.25 to $0.28 per common share. The dividend of $0.28 per share is payable on February 15.
MTY Food Group is a franchisor that operates fast food, quick service and full service restaurants under more than 90 banners, in Canada, the United States and elsewhere in the world.
Company cited in this dispatch: MTY Power Group (TSX: MTY)