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.
The global pandemic, which has led to government-imposed restrictions on movement and social distancing measures, has caused a significant reduction in customer visits to Maxim’s restaurants, as well as leading to some temporary closures and adjusted operating hours. Maxim’s reported sales of US$2.1 billion in 2020, a 24% reduction compared to the prior year.
Weak sales performance led to a significant reduction in profitability, with Dairy Farm’s share of Maxim’s profits reducing by US$46 million to US$36 million. Maxim’s profitability was supported by strong cost control, reduced rental expenses and government support in the year.
Maxim’s remains committed towards pursuing its multi-brand strategy.