Shakey’s Pizza net profit surpasses pre-pandemic levels in 2022

This is thanks to the rise in dine-in sales and the expansion of its store network.

Philippine-based full-service restaurant and food service group Shakey’s Pizza reported a net income of around $15.6m (P874m), exceeding the profit before the pandemic on the back of a resurgence in dine-in sales amidst the Philippine economic reopening.

In a statement, Shakey’s added that its recovery was also supported by the expansion of its store network and the acquisition of kiosk-based food brand Potato Corner in March 2022.

The company’s system-wide sales in 2022 doubled from the previous year to reach about $251m (P14.1b), exceeding pre-pandemic sales by 36%, Meanwhile, its same-store sales grew 37% during the year.

READ MORE: Shakey’s Pizza net income reaches P454m in first 9 months

Shakey’s earnings before interest, taxes, depreciation and amortisation also doubled during the period to reach an all-time high of about $35.6m (P2b).

Its global network was at 1,772, of which 68 were Peri-Peri stores which is triple the number when it was acquired in 2019. It also ended the year with 268 outlets with new stores in Singapore and Dubai.

Potato Corner also opened 153 new stores, bringing the total to 1,425 stores both locally and internationally, and launching in China, the UK, and the UAE in 222.

$1 = P56.18