Super Hi Reports Unaudited Financial Results for the Fourth Quarter and Full Year 2024
Super Hi International (NASDAQ: HDL) reported its Q4 and FY 2024 financial results, showing solid growth in its hot pot restaurant operations. Q4 revenue increased 10.4% YoY to $208.8 million, with operating income margin improving to 8.4% from 6.4%. However, the company recorded a Q4 loss of $11.6 million due to foreign exchange losses.
For FY 2024, revenue grew 13.4% to $778.3 million, while profit decreased 15.4% to $21.4 million. The company expanded its restaurant network to 122 locations, a net increase of 7 restaurants. Guest visits increased 12% to 29.9 million, with same-store sales growth of 7.1%. Table turnover rate improved to 3.8 times per day from 3.5 in 2023.
The company launched its 'Pomegranate plan' in 2024, focusing on diversifying business offerings and expanding its customer base through various restaurant formats.
Super Hi International (NASDAQ: HDL) ha riportato i risultati finanziari per il quarto trimestre e l'intero anno fiscale 2024, mostrando una solida crescita nelle operazioni dei suoi ristoranti hot pot. Le entrate del quarto trimestre sono aumentate del 10,4% rispetto all'anno precedente, raggiungendo 208,8 milioni di dollari, con un margine di reddito operativo che è migliorato all'8,4% rispetto al 6,4%. Tuttavia, l'azienda ha registrato una perdita nel quarto trimestre di 11,6 milioni di dollari a causa delle perdite da cambio.
Per l'anno fiscale 2024, le entrate sono cresciute del 13,4% fino a 778,3 milioni di dollari, mentre il profitto è diminuito del 15,4% a 21,4 milioni di dollari. L'azienda ha ampliato la sua rete di ristoranti a 122 sedi, con un aumento netto di 7 ristoranti. Le visite dei clienti sono aumentate del 12% a 29,9 milioni, con una crescita delle vendite negli stessi punti vendita del 7,1%. Il tasso di turnover dei tavoli è migliorato a 3,8 volte al giorno rispetto a 3,5 nel 2023.
L'azienda ha lanciato il suo 'Pomegranate plan' nel 2024, concentrandosi sulla diversificazione delle offerte commerciali e sull'espansione della propria clientela attraverso vari formati di ristoranti.
Super Hi International (NASDAQ: HDL) informó sus resultados financieros del cuarto trimestre y del año fiscal 2024, mostrando un sólido crecimiento en sus operaciones de restaurantes hot pot. Los ingresos del cuarto trimestre aumentaron un 10,4% interanual, alcanzando 208,8 millones de dólares, con un margen de ingreso operativo que mejoró al 8,4% desde el 6,4%. Sin embargo, la compañía registró una pérdida en el cuarto trimestre de 11,6 millones de dólares debido a pérdidas por cambios de divisas.
Para el año fiscal 2024, los ingresos crecieron un 13,4% hasta 778,3 millones de dólares, mientras que las ganancias disminuyeron un 15,4% a 21,4 millones de dólares. La compañía amplió su red de restaurantes a 122 ubicaciones, un aumento neto de 7 restaurantes. Las visitas de los clientes aumentaron un 12% a 29,9 millones, con un crecimiento de ventas en las mismas tiendas del 7,1%. La tasa de rotación de mesas mejoró a 3,8 veces por día desde 3,5 en 2023.
La compañía lanzó su 'Pomegranate plan' en 2024, centrándose en diversificar las ofertas comerciales y expandir su base de clientes a través de varios formatos de restaurantes.
슈퍼 하이 인터내셔널 (NASDAQ: HDL)는 2024년 4분기 및 연간 재무 결과를 발표하며, 핫팟 레스토랑 운영에서 견고한 성장을 보여주었습니다. 4분기 수익은 전년 대비 10.4% 증가하여 2억 8백만 달러에 달했으며, 운영 소득 마진은 6.4%에서 8.4%로 개선되었습니다. 그러나 회사는 외환 손실로 인해 4분기 1,160만 달러의 손실을 기록했습니다.
2024년 전체 연도 동안 수익은 13.4% 증가하여 7억 7천8백만 달러에 이르렀고, 이익은 15.4% 감소하여 2,140만 달러가 되었습니다. 회사는 122개 매장으로 레스토랑 네트워크를 확장했으며, 순증가 7개 매장입니다. 고객 방문은 12% 증가하여 2,990만 명에 이르렀고, 동일 매장 매출 성장률은 7.1%였습니다. 테이블 회전율은 2023년 3.5회에서 하루 3.8회로 개선되었습니다.
회사는 2024년 '석류 계획'을 발표하며, 다양한 레스토랑 형식을 통해 사업 제안을 다각화하고 고객 기반을 확장하는 데 집중하고 있습니다.
Super Hi International (NASDAQ: HDL) a publié ses résultats financiers du quatrième trimestre et de l'exercice 2024, montrant une solide croissance dans ses opérations de restaurants hot pot. Les revenus du quatrième trimestre ont augmenté de 10,4 % par rapport à l'année précédente, atteignant 208,8 millions de dollars, avec une marge de bénéfice opérationnel passant de 6,4 % à 8,4 %. Cependant, l'entreprise a enregistré une perte de 11,6 millions de dollars au quatrième trimestre en raison de pertes de change.
Pour l'exercice 2024, les revenus ont augmenté de 13,4 % pour atteindre 778,3 millions de dollars, tandis que le bénéfice a diminué de 15,4 % à 21,4 millions de dollars. L'entreprise a élargi son réseau de restaurants à 122 établissements, soit une augmentation nette de 7 restaurants. Les visites des clients ont augmenté de 12 % pour atteindre 29,9 millions, avec une croissance des ventes dans les mêmes points de vente de 7,1 %. Le taux de rotation des tables s'est amélioré à 3,8 fois par jour contre 3,5 en 2023.
L'entreprise a lancé son 'plan Grenade' en 2024, se concentrant sur la diversification de ses offres commerciales et l'expansion de sa clientèle à travers divers formats de restaurants.
Super Hi International (NASDAQ: HDL) hat seine Finanzzahlen für das vierte Quartal und das Geschäftsjahr 2024 veröffentlicht und ein solides Wachstum in seinen Hot-Pot-Restaurantbetrieben gezeigt. Die Einnahmen im vierten Quartal stiegen im Jahresvergleich um 10,4 % auf 208,8 Millionen US-Dollar, während die operative Gewinnmarge von 6,4 % auf 8,4 % verbessert wurde. Das Unternehmen verzeichnete jedoch einen Verlust von 11,6 Millionen US-Dollar im vierten Quartal aufgrund von Währungsverlusten.
Für das Geschäftsjahr 2024 wuchsen die Einnahmen um 13,4 % auf 778,3 Millionen US-Dollar, während der Gewinn um 15,4 % auf 21,4 Millionen US-Dollar zurückging. Das Unternehmen erweiterte sein Restaurantnetz auf 122 Standorte, was einem Nettowachstum von 7 Restaurants entspricht. Die Gästezahlen stiegen um 12 % auf 29,9 Millionen, während das Wachstum der Same-Store-Verkäufe bei 7,1 % lag. Die Tischumschlagrate verbesserte sich auf 3,8 Mal pro Tag von 3,5 im Jahr 2023.
Das Unternehmen startete 2024 seinen 'Granatapfel-Plan', der sich auf die Diversifizierung des Geschäftsangebots und die Erweiterung der Kundenbasis durch verschiedene Restaurantformate konzentriert.
- Revenue growth of 13.4% YoY to $778.3 million in FY 2024
- Operating income margin improved to 8.4% in Q4 2024 from 6.4% YoY
- Guest visits increased 12% to 29.9 million in FY 2024
- Same-store sales growth of 7.1% in FY 2024
- Table turnover rate improved to 3.8 times per day from 3.5 in 2023
- Q4 2024 net loss of $11.6 million compared to $23.3 million profit in Q4 2023
- FY 2024 profit decreased 15.4% to $21.4 million
- Significant foreign exchange losses due to local currency depreciation
- Staff costs increased as percentage of revenue from 32.9% to 33.3% in FY 2024
Insights
Super Hi's Q4 and full-year 2024 results present a mixed but operationally positive picture. The company delivered
The operational metrics are particularly impressive: same-store sales grew
However, bottom-line results were significantly impacted by foreign exchange headwinds, with Q4 showing a
The "Pomegranate plan" diversification strategy shows early promise, with non-restaurant revenue growing
Super Hi's operational execution stands out in these results, particularly in their ability to drive efficiency in a challenging environment. The stable table turnover rate of 3.9 times per day in Q4, combined with increasing guest visits, demonstrates effective capacity management and growing brand appeal in international markets.
The supply chain optimization visible in the declining raw materials costs (down to
Their strategic approach to restaurant portfolio management—opening 2 while closing 1 in Q4—reflects disciplined growth rather than expansion for expansion's sake. The
The "Pomegranate plan" represents an intelligent diversification strategy, creating multiple revenue streams beyond the core hot pot business. The
SINGAPORE, March 25, 2025 (GLOBE NEWSWIRE) -- Super Hi International Holding Ltd. (NASDAQ: HDL and HKEX: 9658) (“Super Hi” or the “Company”), a leading Chinese cuisine restaurant brand operating Haidilao hot pot restaurants in the international market, today announced its unaudited financial results for the three months (“Fourth Quarter 2024”) and the full year ended December 31, 2024 (“Full Year 2024”).
Fourth Quarter 2024 Highlights
- Revenue was US
$208.8 million , representing an increase of10.4% from US$189.2 million in the same period of 2023. - In the fourth quarter of 2024, the Company opened 2 restaurants and simultaneously closed 1 restaurant to improve the restaurant configuration. The total number of Haidilao restaurants as of December 31, 2024 was 122, reflecting a net increase of 7 since December 31, 2023.
- Total table turnover rate1 was 3.9 times per day, and same-store table turnover rate2 was 4.0 times per day, both remaining stable compared to the same period of 2023.
- Had over 8.0 million total guest visits, representing an increase of
9.6% from 7.3 million in the same period of 2023. This growth was primarily attributable to restaurant network expansion and increased participation in group dining from the Company’s development of diverse group dining scenarios. - Same-store sales growth3 was
4.2% . - Income from operation margin4 was
8.4% , compared to6.4% in the same period of 2023.
Full Year 2024 Highlights
- Revenue was US
$778.3 million , representing an increase of13.4% from US$686.4 million in the full year of 2023. - Total table turnover rate1 was 3.8 times per day, compared to 3.5 times per day in the full year of 2023. Same-store table turnover rate2 was 3.9 times per day, compared to 3.6 times per day in the full year of 2023.
- Had over 29.9 million total guest visits, representing an increase of
12.0% from 26.7 million in the full year of 2023. - Same-store sales growth3 was
7.1% . - Income from operation margin4 was
6.8% , compared to6.3% in the full year of 2023.
Ms. Yang Lijuan, CEO & Executive Director of Super Hi, commented, “This quarter, we continued to implement our strategy of 'Dual focus on employee empowerment and customer-centric operations' through various management tools, driving workforce productivity to provide customers with a pleasant dining experience. This quarter's revenue increased by
“In 2024, Super Hi continued to explore expansion in overseas markets, strengthening service capabilities for diverse customer segments. In 2024, Haidilao restaurants' average overall table turnover rate was 3.8 times per day, an increase of 0.3 times per day from last year; Haidilao restaurant level operating margin improved by 1.1 percentage points year-over-year. Additionally, we launched the 'Pomegranate plan' in 2024. This strategic initiative draws inspiration from the pomegranate, where each seed represents a unique business form that collectively supports and forms our comprehensive catering service group. These efforts collectively drove a
“Looking ahead, we remain committed to our strategic vision of becoming a leading global integrated restaurant group. While continuing to expand our Haidilao restaurant network and optimize our store layout, we will intensify support for the 'Pomegranate plan' to further diversify our business offerings and broaden our customer base.”
Fourth Quarter 2024 Financial Results
Revenue was US
- Revenue from Haidilao restaurant operations was US
$199.9 million , representing an increase of10.0% from US$181.7 million in the same period of 2023. The increase was mainly driven by (i) ongoing business expansion and increased brand influence; and (ii) continuous efforts to increase guest visits. - Revenue from delivery business was US
$3.5 million , representing an increase of12.9% from US$3.1 million in the same period of 2023, primarily due to (i) the expansion of the Company’s delivery network; and (ii) enhanced partnerships with local delivery platforms. - Revenue from other business was US
$5.4 million , representing an increase of22.7% from US$4.4 million in the same period of 2023, driven by (i) the increasing popularity of hot pot condiment products and Haidilao-branded and sub-branded food products among local customers and retailers; and (ii) the incubation of secondary branded restaurants under the Pomegranate plan through strategic exploration of diverse business forms.
Raw materials and consumables used were US
Staff costs were US
Income from operation5 was US
Loss for the period was US
Basic and diluted net loss per share were both US
Full Year 2024 Financial Results
Revenue was US
- Revenue from Haidilao restaurant operations was US
$747.3 million , representing an increase of13.0% from US$661.2 million in the full year of 2023. The increase was mainly driven by (i) the enhanced Haidilao restaurant operations driven by improved table turnover rates and customer traffic growth through the Company’s continuous efforts; and (ii) the continued strategic expansion of its business network throughout 2024. - Revenue from delivery business was US
$11.3 million , representing an increase of15.3% from US$9.8 million in the full year of 2023, primarily due to (i) the growth of the Company’s brand influence; and (ii) its continuous efforts in promoting its food delivery services by collaborating with local food delivery platforms. - Revenue from other business was US
$19.7 million , representing an increase of27.9% from US$15.4 million in the full year of 2023, driven by (i) the increasing popularity of hot pot condiment products and Haidilao-branded and sub-branded food products among local customers and retailers; and (ii) the incubation of secondary branded restaurants through the strategic exploration of diverse business forms.
Raw materials and consumables used were US
Staff costs were US
Income from operation5 was US
Profit for the year was US
Basic and diluted net profit per share were both US
Non-IFRS Financial Measure
In evaluating the Group’s business, the Group considers and uses a non-IFRS measure, restaurant level operating profit margin, which is calculated by dividing (i) restaurant level operating profit by (ii) restaurant level revenue, as supplemental measures to review and assess its operating performance. The presentation of these non-IFRS financial measures is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS Accounting Standards.
Restaurant level operating profit margin is a supplemental measure of operating performance of the Group’s restaurants and its calculations thereof may not be comparable to similar measures reported by other companies. Restaurant level operating profit margin has limitations as an analytical tool and should not be considered as a substitute for analysis of the Group’s results as reported under IFRS Accounting Standards.
Restaurant level revenue refers to the total revenue generated from the Group’s two major service lines – Haidilao restaurant operations and delivery business.
Restaurant level operating profit is calculated by deducting from restaurant level revenue certain restaurant level costs and expenses, including (i) restaurant level expenses, including cost of restaurant level raw materials and consumables used, restaurant level staff costs, restaurant level property rentals and related expenses, restaurant level utilities expenses, restaurant level depreciation and amortization, restaurant level traveling and communication expenses and other restaurant level expenses, including preopening expenses in each region; and (ii) management fees incurred in each region. The cost of restaurant level raw materials and consumables used included the cost of food ingredients and consumables associated with central kitchens that are used within the Group’s Haidilao restaurants as well as those procured directly from suppliers.
The Group believes that restaurant level operating profit margin is an important measure to evaluate the performance and profitability of each of the Group’s restaurants, individually and in the aggregate. The Group uses restaurant level operating profit margin information to benchmark the Group’s performance versus competitors.
The table set forth below reconciles total revenue to restaurant level revenue:
| For the Year ended December 31, | ||||
| 2024 | 2023 | |||
| USD’000 | USD’000 | |||
| Total revenue | 778,308 | 686,362 | ||
| Less: Revenue (Others) | (19,719) | (15,393) | ||
| Restaurant level revenue | 758,589 | 670,969 | ||
The computation of restaurant level operating margin is as follows:
| For the Year ended December 31, | ||
| 2024 | 2023 | |
| USD’000 | USD’000 | |
| Restaurant level revenue | 758,589 | 670,969 |
| Less: Restaurant level costs and expenses | (682,075) | (610,695) |
| Restaurant level operating profit | 76,514 | 60,274 |
| Restaurant level operating margin* | ||
* Restaurant level operating margin is calculated by dividing (i) restaurant level operating profit by (ii) restaurant level revenue.
The table set forth below reconciles income from operation, the most directly comparable IFRS measure to the restaurant level operating profit.
| For the Year ended December 31, | ||
| 2024 | 2023 | |
| USD’000 | USD’000 | |
| Income from operation(1) | 53,311 | 43,121 |
| Less: | ||
| Revenue (Others) | (19,719) | (15,393) |
| Other income(2) | (2,449) | (4,849) |
| Add non-restaurant level cost and expenses(3): | ||
| Raw materials and consumables used(4) | 10,343 | 8,021 |
| Staff costs | 10,992 | 10,349 |
| Rentals and related expenses | 989 | 730 |
| Utilities expenses | 1,783 | 1,431 |
| Depreciation and amortization | 6,353 | 7,864 |
| Traveling and communication expenses | 995 | 768 |
| Listing expenses | 2,460 | 1,745 |
| Other expenses | 10,136 | 11,100 |
| Other gains (losses) – net(5) | 1,320 | (4,613) |
| Restaurant level operating profit | 76,514 | 60,274 |
| Restaurant level operating margin | ||
Notes:
(1) Income from operation is calculated by profit for the year excluding interest income (included within other income), finance costs, unrealized foreign exchange differences arising from remeasurement of balances which are not denominated in functional currency, net gain arising on financial assets at FVTPL and income tax expense.
(2) Other income primarily consists of the subsidies received from the local governments for the Group’s business development but does not include non-operating interest income.
(3) Non-restaurant level cost and expenses mainly relate to costs associated with Revenue (Others), operational costs and expenses associated with central kitchens, and corporate and unallocated costs.
(4) Raw materials and consumables used in non-restaurant level operations mainly relate to cost of food ingredients purchased by central kitchens that are not used for Haidilao restaurants, but which are used for sales of hot pot condiment products and food under Haidilao brand and secondary brands to local guests and retailers.
(5) Other gains (losses) – net primarily consist of net impairment (loss) reversal recognized in respect of property, plant and equipment and right-of-use assets, but do not include unrealized foreign exchange differences arising from remeasurement of balances which are not denominated in functional currency and net gain arising on financial assets at FVTPL.
Operational Highlights
Haidilao Restaurant Performance
The following table summarizes key performance indicators of Haidilao’s restaurants for the periods indicated.
| As of December 31, | |||
| 2024 | 2023 | ||
| Number of restaurants | |||
| Southeast Asia | 73 | 70 | |
| East Asia | 19 | 17 | |
| North America | 20 | 18 | |
| Others(1) | 10 | 10 | |
| Total | 122 | 115 | |
| For the Three Months Ended December 31, | For the Year Ended December 31, | ||||||
| 2024 | 2023 | 2024 | 2023 | ||||
| Total guest visits (million) | |||||||
| Southeast Asia | 5.4 | 5.0 | 20.7 | 18.8 | |||
| East Asia | 0.9 | 0.8 | 3.3 | 2.9 | |||
| North America | 1.1 | 0.9 | 3.7 | 3.0 | |||
| Others(1) | 0.6 | 0.6 | 2.2 | 2.0 | |||
| Overall | 8.0 | 7.3 | 29.9 | 26.7 | |||
| Table turnover rate(2) (times per day) | |||||||
| Southeast Asia | 3.7 | 3.8 | 3.7 | 3.5 | |||
| East Asia | 4.8 | 4.1 | 4.4 | 3.6 | |||
| North America | 4.2 | 4.3 | 4.1 | 3.7 | |||
| Others(1) | 4.2 | 4.1 | 3.9 | 3.8 | |||
| Overall | 3.9 | 3.9 | 3.8 | 3.5 | |||
Average spending per guest(3) (US$) | |||||||
| Southeast Asia | 19.5 | 19.1 | 19.6 | 19.5 | |||
| East Asia | 28.4 | 28.2 | 28.3 | 27.8 | |||
| North America | 41.0 | 43.6 | 42.3 | 45.3 | |||
| Others(1) | 39.3 | 40.9 | 41.6 | 40.2 | |||
| Overall | 25.0 | 24.7 | 25.0 | 24.8 | |||
| Average daily revenue per restaurant(4) (US$ in thousands) | |||||||
| Southeast Asia | 16.0 | 15.6 | 15.7 | 15.0 | |||
| East Asia | 19.2 | 15.3 | 17.1 | 12.9 | |||
| North America | 24.3 | 23.1 | 22.0 | 20.4 | |||
| Others(1) | 26.1 | 25.5 | 24.9 | 23.6 | |||
| Overall | 18.7 | 17.7 | 17.7 | 16.3 | |||
Notes:
(1) Others include Australia, the United Kingdom, and the United Arab Emirates.
(2) Calculated by dividing total number of tables served for the years/periods by the product of total Haidilao restaurant operation days for the year/period and average table count during the year/period in the same geographic region.
(3) Calculated by dividing gross revenue of Haidilao restaurant operation for the years/periods by total guests served for the years/periods in the same geographic region.
(4) Calculated by dividing the revenue of Haidilao restaurant operation for the years/periods by the total Haidilao restaurant operation days of the periods in the same geographic region.
Same-Store Sales
The following table sets forth details of the Company’s same store sales for the periods indicated.
| As of/For the Three Months Ended December 31, | As of/For the Year Ended December 31, | ||||||
| 2024 | 2023 | 2024 | 2023 | ||||
| Number of Same Stores(1) | |||||||
| Southeast Asia | 63 | 60 | |||||
| East Asia | 14 | 13 | |||||
| North America | 18 | 18 | |||||
| Others(5) | 10 | 7 | |||||
| Total | 105 | 98 | |||||
| Same Store Sales(2) (US$ in thousands) | |||||||
| Southeast Asia | 95,717 | 94,391 | 360,213 | 348,237 | |||
| East Asia | 24,636 | 20,908 | 79,970 | 65,545 | |||
| North America | 40,619 | 38,638 | 147,834 | 135,311 | |||
| Others(5) | 24,029 | 23,559 | 65,974 | 61,599 | |||
| Total | 185,001 | 177,496 | 653,991 | 610,692 | |||
| Average same store sales per day(3) (US$ in thousands) | |||||||
| Southeast Asia | 16.5 | 16.3 | 16.4 | 16.0 | |||
| East Asia | 19.1 | 16.2 | 16.8 | 13.9 | |||
| North America | 24.5 | 23.3 | 22.4 | 20.6 | |||
| Others(5) | 26.2 | 25.7 | 26.1 | 24.4 | |||
| Total | 19.2 | 18.4 | 18.3 | 17.1 | |||
| Average same store table turnover rate(4) (times/day) | |||||||
| Southeast Asia | 3.8 | 3.9 | 3.8 | 3.6 | |||
| East Asia | 4.8 | 4.3 | 4.3 | 3.6 | |||
| North America | 4.2 | 4.3 | 4.1 | 3.7 | |||
| Others(5) | 4.2 | 4.1 | 3.9 | 3.7 | |||
| Total | 4.0 | 4.0 | 3.9 | 3.6 | |||
Notes:
(1) Includes restaurants that commenced operations prior to the beginning of the years/periods under comparison and opened for more than 75 days in the fourth quarter and opened for more than 300 days in the full year of 2023 and 2024, respectively.
(2) Refers to the aggregate gross revenue from Haidilao restaurant operation at the Company’s same stores for the years/periods indicated.
(3) Calculated by dividing the gross revenue from Haidilao restaurant operation for the years/periods by the total Haidilao restaurant operation days at the Company’s same stores for the years/periods.
(4) Calculated by dividing the total tables served for the years/periods by the product of total Haidilao restaurant operation days for the period and average table count at the Company’s same stores during the years/periods.
(5) Others include Australia, the United Kingdom, and the United Arab Emirates.
About Super Hi
Super Hi operates Haidilao hot pot restaurants in the international market. Haidilao is a leading Chinese cuisine restaurant brand. With roots in Sichuan from 1994, Haidilao has become one of the most popular and largest Chinese cuisine brands in the world. With over 30 years of brand history, Haidilao is well-loved by guests for its unique dining experience — warm and attentive service, great ambiance and delicious food, standing out among global restaurant chains, which has made Haidilao restaurants into a worldwide cultural phenomenon. Haidilao has been ranked as one of the world’s most valuable restaurant brands for six consecutive years since 2019, earning the title of "World’s Strongest Restaurant Brand" for 2024 (Brand Finance). As of December 31, 2024, Super Hi had 122 self-operated Haidilao restaurants in 14 countries across four continents, making it the largest Chinese cuisine restaurant brand in the international market in terms of number of countries covered by self-operated restaurants.
Forward-Looking Statements
This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to” and similar statements. Super Hi may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in announcements, circulars or other publications made on the website of The Stock Exchange of Hong Kong Limited (the “SEHK”), in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Super Hi’s beliefs, plans and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: Super Hi’s operations and business prospects; future developments, trends and conditions in the industry and markets in which Super Hi operates; Super Hi’s strategies, plans, objectives and goals and Super Hi’s ability to successfully implement these strategies, plans, objectives and goals; Super Hi’s ability to maintain an effective food safety and quality control system; Super Hi’s ability to continue to maintain its leadership position in the industry and markets in which Super Hi operates; Super Hi’s dividend policy; Super Hi’s capital expenditure plans; Super Hi’s expansion plans; Super Hi’s future debt levels and capital needs; Super Hi’s expectations regarding the effectiveness of its marketing initiatives and the relationship with third-party partners; Super Hi’s ability to recruit and retain qualified personnel; relevant government policies and regulations relating to Super Hi’s industry; Super Hi’s ability to protect its systems and infrastructures from cyber-attacks; general economic and business conditions globally; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in Super Hi’s filings with the SEC and the announcements and filings on the website of the SEHK. All information provided in this press release is as of the date of this press release, and Super Hi does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
Contacts
Investor Relations
Email: superhi_ir@superhi-inc.com
Phone: +1 (212) 574-7992
Public Relations
Email: media.hq@superhi-inc.com
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
| For the three months ended December 31, | For the years ended December 31, | |||||||
| 2024 | 2023 | 2024 | 2023 | |||||
| USD’000 | USD’000 | USD’000 | USD’000 | |||||
| Revenue | 208,762 | 189,179 | 778,308 | 686,362 | ||||
| Other income | 2,167 | 851 | 7,523 | 6,695 | ||||
| Raw materials and consumables used | (67,684 | ) | (65,774 | ) | (257,723 | ) | (234,715 | ) |
| Staff costs | (67,171 | ) | (61,262 | ) | (259,293 | ) | (226,033 | ) |
| Rentals and related expenses | (5,661 | ) | (5,547 | ) | (20,136 | ) | (17,161 | ) |
| Utilities expenses | (7,131 | ) | (6,716 | ) | (28,358 | ) | (26,054 | ) |
| Depreciation and amortization | (21,572 | ) | (18,994 | ) | (80,972 | ) | (78,557 | ) |
| Travelling and communication expenses | (1,723 | ) | (1,897 | ) | (6,449 | ) | (5,756 | ) |
| Listing expenses | - | (1,745 | ) | (2,460 | ) | (1,745 | ) | |
| Other expenses | (20,488 | ) | (18,108 | ) | (70,735 | ) | (62,682 | ) |
| Other gains and losses - net | (25,656 | ) | 17,714 | (17,924 | ) | 1,177 | ||
| Finance costs | (2,448 | ) | (2,268 | ) | (8,538 | ) | (8,424 | ) |
| (Loss) Profit before tax | (8,605 | ) | 25,433 | 33,243 | 33,107 | |||
| Income tax expense | (3,003 | ) | (2,164 | ) | (11,844 | ) | (7,850 | ) |
| (Loss) Profit for the period/year | (11,608 | ) | 23,269 | 21,399 | 25,257 | |||
| Other comprehensive income (expense) | ||||||||
| Item that may be reclassified subsequently to profit or loss: | ||||||||
| Exchange differences arising on translation of foreign operations | 12,362 | (9,961 | ) | 12,028 | 4,627 | |||
| Total comprehensive income for the period/year | 754 | 13,308 | 33,427 | 29,884 | ||||
| (Loss) Profit for the period/year attributable to: | ||||||||
| Owners of the Company | (11,340 | ) | 23,506 | 21,801 | 25,653 | |||
| Non-controlling interests | (268 | ) | (237 | ) | (402 | ) | (396 | ) |
| (11,608 | ) | 23,269 | 21,399 | 25,257 | ||||
| Total comprehensive income attributable to: | ||||||||
| Owners of the Company | 1,022 | 13,545 | 33,829 | 30,280 | ||||
| Non-controlling interests | (268 | ) | (237 | ) | (402 | ) | (396 | ) |
| 754 | 13,308 | 33,427 | 29,884 | |||||
| (Loss) Earnings per share | ||||||||
| Basic and diluted (USD) | (0.02 | ) | 0.04 | 0.04 | 0.05 | |||
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| As at December 31, | As at December 31, | |
| 2024 | 2023 | |
| USD’000 | USD’000 | |
| Non-current Assets | ||
| Property, plant and equipment | 151,901 | 168,724 |
| Right-of-use assets | 185,514 | 167,641 |
| Intangible assets | 278 | 402 |
| Deferred tax assets | 3,799 | 1,995 |
| Other receivables | 1,961 | 1,961 |
| Prepayment | 373 | 295 |
| Rental and other deposits | 17,372 | 16,903 |
| 361,198 | 357,921 | |
| Current Assets | ||
| Inventories | 31,521 | 29,762 |
| Trade and other receivables and prepayments | 30,754 | 29,324 |
| Rental and other deposits | 3,378 | 3,882 |
| Pledged bank deposits | 2,855 | 3,086 |
| Bank balances and cash | 254,719 | 152,908 |
| 323,227 | 218,962 | |
| Current Liabilities | ||
| Trade payables | 30,711 | 34,375 |
| Other payables | 38,100 | 34,887 |
| Amounts due to related parties | 1,329 | 842 |
| Tax payable | 5,411 | 9,556 |
| Lease liabilities | 41,407 | 38,998 |
| Contract liabilities | 9,669 | 8,306 |
| Provisions | 1,941 | 1,607 |
| 128,568 | 128,571 | |
| Net Current Assets | 194,659 | 90,391 |
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
| As at December 31, | As at December 31, | ||||
| 2024 | 2023 | ||||
| USD’000 | USD’000 | ||||
| Non-current Liabilities | |||||
| Deferred tax liabilities | 7,504 | 1,347 | |||
| Lease liabilities | 171,219 | 163,947 | |||
| Contract liabilities | 2,980 | 3,098 | |||
| Provisions | 12,493 | 7,799 | |||
| 194,196 | 176,191 | ||||
| Net Assets | 361,661 | 272,121 | |||
| Capital and Reserves | |||||
| Share capital | 3 | 3 | |||
| Shares held under share award scheme | * | * | |||
| Share premium | 550,593 | 494,480 | |||
| Reserves | (190,568 | ) | (224,397 | ) | |
| Equity attributable to owners of the Company | 360,028 | 270,086 | |||
| Non-controlling interests | 1,633 | 2,035 | |||
| Total Equity | 361,661 | 272,121 | |||
* Less than USD1,000
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the three months ended December 31, | For the years ended December 31, | ||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||
| USD’000 | USD’000 | USD’000 | USD’000 | ||||||
| Net cash from operating activities | 30,995 | 30,391 | 119,696 | 114,045 | |||||
| Net cash from (used in) investing activities | 23,347 | 57,277 | (27,616 | ) | (11,775 | ) | |||
| Net cash (used in) from financing activities | (8,813 | ) | (10,823 | ) | 12,577 | (43,787 | ) | ||
| Net increase in cash and cash equivalents | 45,529 | 76,845 | 104,657 | 58,483 | |||||
| Cash and cash equivalents at beginning of the period/year | 215,162 | 75,271 | 152,908 | 93,878 | |||||
| Effect of foreign exchange rate changes | (5,972 | ) | 792 | (2,846 | ) | 547 | |||
| Cash and cash equivalents at end of the period/year | 254,719 | 152,908 | 254,719 | 152,908 | |||||
______________________
1 Calculated by dividing the total tables served for the year/period by the product of total Haidilao restaurant operation days for the year/period and average table count during the year/period.
2 Calculated by dividing the total tables served for the years/periods by the product of total Haidilao restaurant operation days for the year/period and average table count at the Company’s same stores during the years/periods.
3 Refers to the year-over-year growth of the aggregate gross revenue from Haidilao restaurant operations at the Company’s same stores for the year/period indicated.
4 Calculated by dividing income from operation5 by total revenue.
5 Calculated by excluding interest income, finance costs, unrealized foreign exchange differences arising from remeasurement of balances which are not denominated in functional currency, net gain arising on financial assets at fair value through profit or loss and income tax expense from profit (loss) for the year/period.
FAQ
What was Super Hi's (HDL) revenue growth in Q4 2024?
How many restaurants did HDL operate by the end of 2024?
What caused HDL's Q4 2024 loss despite revenue growth?
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