EconomyEditor's PickShakey’s turns profitable, nets P204M as sales climb to P2.7B

November 14, 2022

SHAKEY’s Pizza Asia Ventures, Inc. reported a net income of P204.24 million in the third quarter, reversing its P49.28-million net loss a year ago, as sales momentum was maintained during the period.

“The operating environment has been tough for the past couple of years, but the team pulled through, leveraging the strength of our brands, innovating with new store formats, and investing in digital,” said Vicente L. Gregorio, Shakey’s president and chief executive officer, in a press release on Monday.

“Now that the Philippine economic reopening is at hand, we are intent on maximizing this opportunity to fuel business recovery and expansion.”

In a regulatory filing, the food service group reported revenues of nearly P2.7 billion for the three-month period, or more than twice the P1.21 billion posted a year ago.

It said system-wide sales further gained momentum to reach a “record high” of P3.8 billion in the third quarter, or more than twice higher than the previous year.

For the January-September period, the full-service restaurant chain registered a net income of P454.36 million, turning around from the P35.27-million net loss recorded a year earlier.

Shakey’s said its financial performance during the period came on the back of a “dine-in resurgence, Potato Corner acquisition and ramped up expansion.”

For the nine-month period, systemwide sales reached P9.6 billion, or nearly double the level in the same stretch last year. The surge led to an 81% revenue growth to P6.79 billion from P3.75 billion previously.

“This performance can be attributed to the continued resurgence of dine-in sales as mobility further improved in the country,” the company said in the press release.

It also cited the acquisition of kiosk-based Potato Corner as boosting company sales. It added the flavored fries seller’s “thousand-strong store network” benefited from improving foot traffic.

On Monday, Shakey’s shares rose 1.88% or P0.14 to finish at P7.60 apiece.

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