MANILA - Shakey's Pizza Asia Ventures Inc on Friday said it has bounced back to profitability in 2021 as restrictions eased in the fourth quarter that brought throngs of diners to stores.
Its net income hit P121 million in 2021 from a net loss of P254 million in 2020, Shakey's Pizza said in a disclosure to the stock exchange.
Systemwide sales reached P7.01 billion, or 6 percent higher in the same comparable period, it said.
"Despite the crisis in 2020, we maintained our long-term view on sustainable growth. We made a bold decision to re-ignite our expansion plan, purposefully investing in our brands and our stores. We believe that these continuous investments amidst pandemic will our 2021 growth momentum toward a stronger 2022 reopening play," Shakey's Pizza President and CEO Vic Gregorio said.
Shakey's Pizza acquired Potato Corner last year which it said would help boost its growth this year.
"We are excited with what Potato Corner can bring to the company...Potato Corner fits perfectly with our vision to build and scale a portfolio of industry-leading WOW brands with strong brand equity and industry-leading margins," Shakey's chief financial officer Manny del Barrio said.
The company said its systemwide sales and revenues could return to their pre-pandemic level this year.
This year, Shakey's Pizza said it has allotted some P650 million in capital expenditures, most of which is for store network expansion.
Shakey's plans to open 192 stores for the group this year, out of which 42 are for existing brands and 150 for Potato Corner.