Shakey's bottom line expands by 40% in 2016

Shakey's Pizza Asia Ventures Inc. (SPAVI), the franchise holder of Shakey's Pizza Restaurants in the Philippines, registered a 40 percent growth in bottom line last year, a result of outlet network expansion and stronger sales.

In an emailed statement on Monday, SPAVI said net income totaled P760 million in 2016, including some P90.3 million from its initial public offering (IPO) in December as well as corporate restructuring during the year.

"Excluding one-offs, PIZZA's recurring net income after taxes increased by 40 percent year-on-year to P670 million, equivalent to bottom line margins of 11 percent," it said. PIZZA is the ticker symbol of SPAVI on the Philippine Stock Exchange's main board.

According to the company, system-wide sales grew by 14.3 percent to P7.34 billion last year, driven by same-store sales growth and a 3.9-percent increase in the contribution of new stores.

The company closed 2016 with 184 stores nationwide, after an additional 17 outlets opened last year.

This year, SPAVI said it is looking to roll out 20 new stores that include the first overseas branch.

"The first two months of this year have been very encouraging and we are optimistic that we will continue the strong performance into 2017," Shakey's President Vicente Gregorio said. — Jon Viktor Cabuenas/VDS, GMA News