Restaurant chain operator Shakey’s Pizza Asia Ventures Inc. said Tuesday it expects net income and sales to grow by more than 20 percent this year despite continued challenges caused by rising cost of raw materials.
Shakey’s chairman Christopher Po said in a media briefing following the annual stockholders meeting said the company is bullish on domestic operations as all brands have the capability to expand and grow by double-digits.
“We foresee better than 20-percent growth for topline and bottomline for 2023. Even with the potential economic headwinds, we will weather all these transitory challenges,” Po said.
Po said minus the impact of the latest acquisition, Potato Corner, the Shakey’s and Peri-Peri brands are also registering better sales and profits in 2023 compared to a year ago levels.
“Overall, we are bullish on the Philippine economy. The Philippines is one of the few countries that pre pandemic had 20 years of 5 percent or better GDP growth. Now that the pandemic is behind, we have every reasons to believe that this 5 percent or better GDP growth will be trend for the coming foreseeable future, led by the consume sector,” Po said.
