LISTED food service operator Shakey’s Pizza Asia Ventures, Inc. (SPAVI) is targeting double-digit growth in both revenue and profit this year, following an 11% increase in net income to P1.2 billion last year.
“While we remain cognizant of uncertainties the market presents, we’re aiming for continued double-digit growth, driven by new store openings and same store sales,” SPAVI President and Chief Executive Officer Vicente L. Gregorio said in a statement on Tuesday.
“This will be supported by our multi-brand portfolio — from growing market leaders like Shakey’s and Potato Corner to newer, expanding concepts such as Peri-Peri, and other incubating brands — along with our geographically diverse footprint,” he added.
Mr. Gregorio said this as SPAVI grew its net income by 11% to P1.2 billion in 2024. Systemwide sales increased by 17% to P21.7 billion.
Blended same stores sales growth reached 4% last year on volume growth carried by December festivities, product innovations and improvements, and value offerings.
“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. Holidays hold a prime space in the consumer wallet, and we wanted to make sure we have a compelling reason for families to choose our brands during this time,” Mr. Gregorio said.
SPAVI opened 478 new stores and outlets in 2024, bringing its global store network to 2,619.
The company established over 100 stores on international shores, such as Thailand, Singapore, and China.
“This is just the tip of the iceberg. We aim to open new, promising territories soon,” Mr. Gregorio said.
Total capital expenditure for the year reached P953 million, most of which was allocated to store openings and renovations.
“We are grateful for SPAVI’s performance in 2024 and the momentum we carry into 2025. We believe this will be a better year for us, given the investments that have begun to pay off, Shakey’s 50th golden year programs, and international opportunities opening up for us organically,” Mr. Gregorio said.
SPAVI shares rose by 0.72% or five centavos to P6.99 apiece on Tuesday. — Revin Mikhael D. Ochave
