MTY Food Group on Friday announced an increase in its dividend for the second quarter ended May 31.
Net income attributable to owners was $28.6 million, or $1.17 per basic share, compared to $23 million, or $0.93 per basic share, for the same period in 2021.
The restaurant franchisor’s revenue grew 18% in a year to $1,054.3 million internationally, while network revenue in Canada grew 55%.
Adjusted EBITDA increased to $47.6 million between the two comparable periods from $43.5 million, while cash flow from operations was $30.7 million for the second quarter of 2022.
As of May 31, the MTY network had 6,600 operational establishments, including 89 operated by the group, while 39% of the franchisor’s restaurants are located 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 revenue from franchised locations north of the border increased 46% year-on-year,” said Éric Lefebvre, CEO of MTY .
“New branch openings, which were in Q47, continue to be slowed due to supply chain and construction sector issues, but there are encouraging signs that these issues are beginning to resolve,” he added.