(Montreal) Net income attributable to owners of MTY Power Group increased year over year in the third quarter.
The Montreal restaurant company reports that it went from 22.4 million, or $0.92 per diluted share last year, to 38.9 million, or $1.59 per diluted share this year .
Network revenue reached 1.5 billion in the third quarter of this year, an increase of 33% compared to the corresponding quarter of 2022. Network revenue increased by 55% in the United States, 14% Internationally and 4% in Canada.
The company’s revenues increased year-over-year by 74% to 298.1 million, compared to 171.5 million in the third quarter of 2022.
During the most recent quarter, the MTY Power Group network opened 87 locations, compared to 63 a year earlier, and closed 92, compared to 117 in the third quarter of 2022.
As of August 31, MTY Power Groups had 7,119 active locations, 58% of which were based in the United States and 35% in Canada. Its chains include the Valentine, Café Van Houtte, Thaï Express and Sushi Shop brands.
The company declares a quarterly dividend of $0.25 per share, payable on November 15.
Company cited in this report: MTY Power Group (TSX: MTY)
