Shakey’s Pizza Group Achieves Milestone PHP1.08 Billion Net Income In 2023

Popular food service group Shakey’s Pizza Asia Ventures, Inc. (SPAVI) reported a strong finish for the year 2023, marked by a significant milestone net income of PHP1.08 billion, demonstrating a 23% increase compared to the previous year.

Shakey's continued to witness healthy foot traffic, which buoyed the Dine-In segment and helped boost SSSG to 13%. I Photo: Shakey's Philippines Facebook

SPAVI disclosed to the Philippine Stock Exchange (PSE) that it also achieved a systemwide sales surge to PHP18.64 billion, reflecting a remarkable 32% jump from the previous figure amid a challenging macroeconomic environment.

Vicente Gregorio, President and CEO of SPAVI, commented, “We are grateful for the double-digit growth of our portfolio in 2023.

However, persistent inflationary pressures continue to dampen consumer sentiment, leading to softer growth performance during the second half of the year. Nonetheless, we are pleased to deliver record-high 4Q sales, supported by a festive comeback in December.”

He noted that in 2023, SPAVI continued to witness healthy foot traffic, which buoyed the Dine-In segment and helped boost SSSG to 13%.

In the fourth quarter, PIZZA’s Dine-in segment increased by 11%, as guests celebrated the holiday season. Consolidated revenues amounted to PHP14.13 billion, marking a robust 39% growth versus the previous year.

Gregorio emphasized, “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.”

SPAVI’s multi-brand portfolio includes the Shakey’s full-service Fast Casual Restaurants chain, Potato Corner kiosks with signature flavored fries, Peri-Peri Charcoal Chicken & Sauce Bar, and incubator brands R&B Milk Tea and Project Pie build-your-own-pizza chain.

The Group’s global network stood at 2,141, including 268 Shakey’s restaurants, 77 Peri-Peri stores, and 1,784 Potato Corner stores and outlets.

Gregorio added, “Together with our franchise partners and supply chain ecosystem, we support over 18,000 jobs globally and across 15 territories outside the Philippines. We aim to foster a win-win-win environment, generating more opportunities to further economic development in the Philippines, equipping entrepreneurs in the country, and creating great experiences for our guests.”

SPAVI plans to expand its network footprint by at least 400 stores and outlets this year.