Shakey’s Pizza Asia Ventures, Inc. reported a net income of P121 million last year from the net loss of P254 million in 2020 as the economy started to reopen late in 2021.

In a disclosure to the Philippine Stock Exchange, the firm said systemwide sales improved 6 percent to P7.01 billion last year with fourth quarter systemwide sales rising 18 percent to P2.17 billion.

“The Company saw a surge in dine-in as the holiday season kicked in amidst loosened quarantine restrictions in the fourth quarter,” it said.

Shakey’s President Vicente Gregorio said “The fourth quarter was quite significant for us. Quarantine restrictions were easing. The season was festive, and more guests were choosing to eat out with their families and friends to enjoy the complete dine-in experience.”

The firm grew its store network in 2021, reaching 316 with the addition of 37 outlets. At the end of 2021, the Company also re-launched artisan pizza concept Project Pie, a build-your-own pizza restaurant originally introduced in 2013.

Moreover, the Company’s recent acquisition of Potato Corner is expected to further boost Shakey’s reopening play in 2022.

Shakey’s Chief Financial Officer Manny del Barrio sees 2022 systemwide sales and revenues return to pre- pandemic level, likely surpassing 2019 figures with the addition of Potato Corner.

For 2022, the firm is budgeting more than P650 million in capital expenditures, bulk of which is allocated to the acceleration of its store network expansion.

Shakey’s is targeting to open at least 192 stores for the group, including 42 new stores for existing brands and 150 outlets for Potato Corner.

“With investments and acquisitions made even in the midst of the pandemic, barring any major disruptions, we see our 2023 bottomline exceeding pre-pandemic level,” del Barrio added.