Shakey’s Pizza Asia Ventures Inc. one of the leading restaurant and food service groups in the Philippines, said Friday it is maintaining its mid-teens earnings growth for 2024 even after posting a 14-percent decline in first-half profit.
“Amid a challenging environment, we see how our group has been reaping the benefits of a multi-brand portfolio. Furthermore, with easing input costs and a better profitability outlook in the second half, we have room to invest in growth and expansion,” Shakey’s said. Net income in the first half reached P420 million, down 14 percent from P489 million recorded in the same period last year on soft consumer environment.
The group opened 210 new units in the six month-period, boosting its total network to 2,351 stores and outlets as of end June.Net income settled at P249 million in the second quarter, down 13.5 percent from P288 million a year ago.Shakey’s said it invested in demand generating activities to support topline growth, given the anticipated improvements in input costs and the respective margin gain.