Shakey’s PIZZA net income soars 18-fold in H1

Its net income after tax stood at P250m.

Shakey’s Pizza Asia Ventures, Inc. (PIZZA) reported its net income after tax grew 18-fold to P250m in the first half of the year, up from only P14m in 2021. 

The fast casual restaurant chain linked this to the “strong” economic reopening of the Philippines that allowed the resurgence of dine-in sales during the period.

Over the first half, PIZZA noted it saw a systemwide sales growth of 77% to P5.8b, which exceeded its pre-pandemic level. Same-store sales also climbed by 23% year-on-year over the same period. 

“At the height of the pandemic, we made the strategic decision to continuously invest in the expansion of our store network and our portfolio with this reopening in mind,” Vicente Gregorio, President and CEO of PIZZA, said.

“Above all, we deliberately invested in brand-building and delivered more value for our guests. Fast forward to 2022, we are very pleased to see these investments begin to pay off.”

Read more: Shakey’s PIZZA more than doubles net income to P76m in Q1

During the second quarter, the systemwide sales more than doubled to P3.6b, whilst the same-store sales went up by 41%. 

“Despite headwinds, we have a strong underlying business momentum and mitigating plans in place, coming from the lessons learned during the pandemic,” Gregorio said.

“With Potato Corner fully onboard, synergies in our ecosystem, structural changes implemented, and the continuous pursuit for new sources of efficiencies, we have a full armada that will bring our 2022 bottomline close to pre-pandemic levels. PIZZA is going full steam ahead.”