Shakey’s Pizza Asia Ventures, Inc., one of the country’s top multi-brand food service groups, capped off 2024 with a robust performance driven by aggressive expansion, strategic investments, and sustained consumer demand during the holiday season. The company reported an 11 percent increase in full-year net income to ₱1.2 billion, underpinned by a 57 percent year-on-year surge in fourth-quarter earnings.
Systemwide sales (SWS) reached ₱21.7 billion, up 17 percent from the previous year, boosted by a strong 4Q that saw a 21 percent jump in SWS. Same store sales growth (SSSG) improved steadily throughout the year, finishing at 7 percent in Q4 and 4 percent for the full year, supported by seasonal demand, product innovation, and value-focused promotions.
SPAVI president and CEO Vic Gregorio highlighted the company’s resilience amid economic challenges. “Navigating through 2024 wasn’t easy… but we focused on execution and on our guests,” he said, pointing to a strategic emphasis on brand relevance and guest experience, especially during the crucial holiday quarter.
The group’s aggressive store network expansion strategy played a pivotal role in driving top line growth. SPAVI closed 2024 with 2,619 stores globally — including 478 new locations, 136 of which opened in Q4 alone. International expansion accounted for over 100 new stores, with new footprints in Thailand, Singapore, and China.
“This is effectively a new leg for the group,” said Gregorio, referring to SPAVI’s growing international presence. “We aim to open new, promising territories soon.”
Profitability also improved, with gross margins rising 90 basis points year-on-year to 25.5 percent, helped by easing commodity prices and stronger sales. Despite a 200-basis point rise in operating expenses (OPEX) as a percentage of sales to 14.2 percent, SPAVI saw operating income jump 41 percent and Q4 net income grow 57 percent, signaling effective cost discipline and operating leverage.
Beyond financial metrics, SPAVI also emphasized its ESG and social impact commitments. The group now supports over 20,000 jobs globally and continues to run inclusive hiring programs and youth sports development initiatives. It earned two Golden Arrows from the ASEAN Corporate Governance Scorecard Awards in recognition of improved governance practices.
Looking ahead to 2025, Gregorio remains optimistic. “We believe this will be a better year for us… driven by new store openings, same store sales growth, and the strength of our multi-brand portfolio,” he said, citing flagship brands like Shakey’s and Potato Corner as well as up-and-coming concepts such as Peri-Peri.
SPAVI’s 2024 performance sets the stage for its golden anniversary year, with a clear focus on sustainable growth, international expansion, and continued innovation in the food service sector.
