Food service chain Shakey’s Pizza Asia Ventures Inc. (SPAVI) said Tuesday it posted an 11-percent increase in 2024 net income to P1.2 billion.
The growth was led by strong holiday sales and lower commodity costs, the company said in a statement.
Systemwide sales for the year rose 17 percent to P 21.7 billion as same-store sales grew by 4 percent across all brands. Aside from its flagship store Shakey’s, SPAVI’s portfolio includes Peri-Peri Charcoal Chicken and Sauce Bar, Potato Corner, R&B Milk Tea and Project Pie.
Net income for the fourth quarter jumped 57 percent year-on-year (YoY), fueled by robust holiday performance and improving commodity costs.
Fourth-quarter systemwide sales growth also accelerated to 21 percent year-on-year.
“Navigating through 2024 wasn’t easy—from a strained consumer environment to inclement weather in the final quarter. Be that as it may, we focused on execution and on our guests. Holidays hold a prime space in the consumer wallet, and we wanted to make sure we have a compelling reason for families to choose our brands during this time,” said SPAVI president and chief executive Vic Gregorio.
Gross margins improved to 25.5 percent, helped by better operating efficiencies and favorable input costs.
Operating income also rose, as the company began to realize returns from earlier investments in brand, systems, and manpower.
The company ended 2024 with 2,619 stores globally, after opening 478 new outlets, including a record 136 in the fourth quarter. It also opened 100 stores overseas including Thailand, Singapore and China,
SPAVI aims to deliver double-digit growth in 2025, driven by new store openings and continued same store sales improvements.
The company said growth will be supported by its expanding multi-brand portfolio and international operations.
“We believe this will be a better year for us, given the investments that have begun to pay off. While we remain cognizant of uncertainties, we’re aiming for continued double-digit growth,” Gregorio said.
