Shakey’s Pizza Asia Ventures Inc., a leading food service group, defied a challenging macroeconomic environment last year, attracting significant foot traffic to its pizza place, potato fries stalls, and roasted chicken restaurants to score a 23 percent gain in net profit to P1.08 billion.
The group, comprised of Shakey’s Pizza, Potato Corner and Peri-Peri Charcoal Chicken & Sauce Bar, saw systemwide sales surge 32 percent year-on-year to P18.64 billion. Consolidated revenue amounted to P14.13 billion, up 39 percent.
Its incubator brands are R&B Milk Tea and Project Pie.
“We are grateful for the double-digit growth of our portfolio in 2023. However, persistent inflationary pressures continue to dampen consumer sentiment, leading to a softer growth performance during the second half of the year. Nonetheless, we are pleased to deliver record-high fourth quarter sales, supported by a festive comeback in December,” said Vicente Gregorio, SPAVI president and chief executive officer, in a statement.
In the fourth quarter alone, the group’s dine-in segment increased by 11 percent, as guests celebrated the holiday season.
“The investments in our brands, our stores, and our people are all designed to deliver the best value to our guests, which is especially relevant in this kind of environment. These allowed our brands to maintain market leadership in the full-service restaurant chain and kiosk chain categories,” Gregorio shared.
The Group ended 2023 with a global network of 2,141 stores, comprised of 268 Shakey’s Pizza, 77 Peri-Peri stores and 1,784 Potato Corner stores and outlets. SPAVI opened a total 368 stores last year, the most in its history, with 300 accounted for by Potato Corner, around a fifth located abroad.
Gregorio said the group remains committed to strengthening its partnership with franchisees to sustain an ecosystem that employs over 18,000 workers across 15 territories outside the Philippines.
