Shakey’s Pizza Asia Ventures, Inc. (PSE:PIZZA), the leading casual dining full-service restaurant chain and food service group in the Philippines, reported a record-high financial performance for the year ended 31 December 2022, based on its audited financial statements. Earnings jumped to Php 874 million, breaching pre-pandemic bottomline.

Systemwide sales (SWS) registered at Php 14.1 billion in 2022, doubling from 2021 and exceeding pre-pandemic sales by 36%. Fourth quarter SWS likewise doubled from the same period last year for a strong finish, as discretionary consumer spending heightened during the holiday season.

PIZZA’s accelerated business recovery is fueled by the resurgence in dine-in sales considering the Philippine economic reopening, the group’s store network expansion, and the acquisition of leading kiosk-based food brand, Potato Corner (PC).

The group assumed the management of the PC brand beginning March 2022. PIZZA’s samestore sales growth clocked in at 37% for the year, the acquisition of PC notwithstanding.

In terms of profitability, PIZZA’s gross margin expanded by 240 basis points to 25.6% despite an inflationary environment. Operating expenses as a percentage of sales contracted by 320 basis points and landed at 12.1% for the year. These improvements were driven by the company’s high degree of operating leverage, which kicked in with PIZZA’s significant growth in sales, a favorable mix, and prudent cost management.

Thus, earnings before interest, taxes, depreciation, and amortization (EBITDA) doubled, landing at Php 2 billion — an all-time high. EBITDA margin stood at 20.3%, while net margin for the year was at 8.6%. Both saw an increase of 170 and 640 basis points, respectively. PIZZA will be releasing its Annual Report on April 17, 2023.