Shakey’s Pizza Asia Ventures, Inc., one of the Philippines’ leading multi-brand food service groups, capped off 2024 with a strong performance. A robust fourth quarter significantly boosted its full-year results.
Net income after tax in the fourth quarter surged by 57% year-on-year (YoY), helping push full-year net income up by 11% to Php 1.2 billion. The Group’s systemwide sales (SWS) reached Php 21.7 billion, up 17% from 2023, with the fourth quarter contributing a 21% increase compared to last year.
Same-store sales growth (SSSG) steadily accelerated throughout the year, peaking at 7% in Q4 and bringing the full-year SSSG to 4%. SPAVI attributed this momentum to increased volume during the December holiday season, continued product innovation, and attractive value offerings that reinforced brand relevance. The Group also invested in manpower and service enhancements to elevate the in-store guest experience.
Store expansion played a pivotal role in driving 2024’s growth. SPAVI ended the year with 2,619 stores in its global network—about one-sixth of which are located overseas. In total, 478 new stores and outlets were opened throughout the year, including 136 in Q4 alone. Over 100 of these new stores were launched in international markets such as Thailand, Singapore, and China. Total capital expenditures for the year reached Php 953 million, primarily dedicated to store openings and renovations.
Profitability also improved, with gross margins expanding by 90 basis points to 25.5% for the full year, bolstered by a notable 300-basis-point margin increase in Q4. The gains were driven by more favorable commodity costs and accelerating sales momentum.
Operating expenses as a percentage of sales rose by 200 basis points YoY to 14.2%, though they gradually declined quarter over quarter. This reflects the operational efficiencies gained from strategic investments in branding, systems, and organizational infrastructure initiated in late 2023.
As a result of strong topline performance, margin expansion, and improving cost efficiency, SPAVI achieved a 41% YoY increase in operating income and a 57% YoY surge in Q4 net income.
With these results, SPAVI closes 2024 on a high note—positioned for continued growth amid its ongoing commitment to innovation, operational excellence, and international expansion.
