NEWS |
Shakey's Pizza Posts PHP 454m Net Income In First 9 Months Of 2022
Written by Amit Sharma, Community Development Manager
The Philippines-based full-service restaurant chain and food service group, Shakey's Pizza Asia Ventures, posted a net income of PHP 454m (US$7.9m) in the first nine months of 2022, as dine-in sales continued to recover.
Like most restaurants, Shakey's improved its delivery service during the lockdowns to reach consumers. It has also launched "park and order" and "rolling stores" to drive off-premise growth. Shakey's Pizza, which counts Singapore sovereign wealth fund GIC and tycoon Lance Gokongwei's JE Holdings among its shareholders, also operates Peri-Peri Charcoal Chicken and R&B Milk Tea. Earlier this year, the company acquired Potato Corner, which has over 1,000 food kiosks in the Philippines and overseas.
"This performance can be attributed to the continued resurgence of dine-in sales as mobility further improved in the country. With dine-in contribution on the rise and off-premise holding steady driven by PIZZA's initiatives to support delivery and carry out, PIZZA saw a significant jump in its topline," according to a Shakey's statement. Shakey's added that the acquisition of Potato Corner also supported its sales, but its same-store sales also rose 32% without Potato Corner.
Shakey's Pizza accelerated expansion in 2022 to aggressively open 192 stores, including 150 Potato Corner outlets. The group's flagship pizza chain is also expanding overseas, with the opening of its first outlet in march earlier this year in Singapore at Lucky Plaza Mall along Orchard Road. It was opened under a franchise partnership with Brenrich Pte. Ltd, a food court operator in Singapore, under a seven-year franchise agreement forged in 2021.
The company, Shakey's Pizza Asia Ventures, is majorly owned by Century Pacific Group, the Philippines' dominant exporter of private-label canned tuna founded by the late Ricardo Po Sr. in 1978 with a net worth of $1.45 billion and was among the richest in the Philippines.
You Might Also Like
NEWS | 5 April 2023
Flying Tiger Copenhagen To Use Franchise Model to Open 1000 New Stores in Southeast Asia
Flying Tiger Copenhagen, the popular Danish design and homeware store, is set to expand in Southeast Asia through a franchise model, opening up 1000 new stores
NEWS | 4 April 2023
73% OF CONSUMERS IN ASIA PACIFIC & JAPAN (APJ) MAY STOP USING BRANDS THAT DON'T PERSONALISE THEIR EXPERIENCES
Consumer patience in APJ is low — 73% will stop using brands if their experience is not personalised .
NEWS | 8 February 2023
Luckin Coffee Eyes Southeast Asia Expansion and Opens 500 New Stores in China
According to industry sources, the largest coffee chain in China, Luckin Coffee is eyeing expansion across Southeast Asia and plans to open 500 outlets across China in tier three and four cities.
Latest on TFA
EXPLORE | 6 March 2024
Unveiling the Local Gems: Indonesia's Franchise Success Stories
In the vibrant and diverse landscape of Indonesia's business scene, some local franchise brands have managed to make a lasting impression, often being mistaken for international giants. Let's take a c
TRENDS | 6 March 2024
The Buzz on Grab & Go Coffee Shops: Emerging Brands Brewing Success in Indonesia
Indonesia, a nation known for its rich coffee culture, is witnessing a new trend that's changing the way people enjoy their daily cup of joe – Grab & Go Coffee Shops. This on-the-go coffee experience
SPOTLIGHT | 6 March 2024
Empowering Success: Women Pioneering Franchising in Indonesia
In the vibrant world of franchising in Indonesia, a wave of inspiring women is making significant strides, reshaping the landscape and proving that success knows no gender. Let's shine a spotlight on