Shakey's 2024 net income up 11%

Shakey's Pizza Asia Ventures Inc. reported Tuesday a double-digit increase in its bottom line for the last three months and full-year 2024 on the back of the growth of its system-wide sales amid the festivities during the holiday season.

Shakey's said its fourth-quarter net income grew 57% year-on-year, bringing the full-year net income up by 11%. The company did not release absolute figures for its bottom line.

System-wide sales increased by 21% in the fourth quarter, which the company attributed to the volume growth anchored on December festivities, product innovations and improvements, and value offerings. Full-year system-wide sales were up 17% to P21.7 billion.

"Navigating through 2024 wasn't easy—from a strained consumer environment to inclement weather in the final quarter. Be that as it may, we focused on execution and on our guests," Shakey's president and chief executive officer Vicente Gregorio said in an emailed statement.

Shakey's allocated P953 million for its capital spending in 2024, with bulk going to store openings and renovations. It opened 478 new stores and outlets during the year, including 136 units in the fourth quarter. It ended 2024 with 2,619 units in its global store network, of which a sixth are located overseas.

"We're thrilled by the progress we're making in our international business this year. This is effectively a new leg for the group, needing organizational investments so we can properly execute on the ground," Gregorio said.

"We like the innovations happening offshore—new flavors, product lines, and even store formats— that enable us to adapt to the locale and serve guests better. This is just the tip of the iceberg. We aim to open new, promising territories soon," he added.

Shakey's Pizza Asia operates the brands Shakey's, Potato Corner, Peri-Peri Charcoal Chicken and Sauce Bar, R&B Milk Tea, and Project Pie.

Shares in the company were last traded at P6.99 apiece, up by P0.05 or 0.72% from Monday's finish of P6.94 per share. — VDV, GMA Integrated News