SUPER Hi International, the operator of Haidilao hot pot restaurants outside China, recorded a net loss of US$11.6 million for the fourth quarter ended Dec 31, 2024, reversing from a net profit of US$23.3 million in the same period the year before.
This comes despite a 10.4 per cent year-on-year increase in revenue to US$208.8 million, and a 44.6 per cent rise in operating income to US$17.5 million
In a press statement on Tuesday (Mar 25), Super Hi attributed the decline to a US$40.4 million net foreign exchange loss, arising from the depreciation of local currencies against the US dollar.
This was partially offset by higher revenue on the back of its ongoing business expansion and efforts to increase guest visits and table turnover rate, as well as an improvement in operational efficiency, it said. The Singapore-based restaurant operator is dual-listed in Hong Kong and in the US, on the Nasdaq.
Loss per share was US$0.02 in Q4, a reversal from the profit per share of US$0.04 in the same period the year prior.
Super Hi finds itself in the red again after posting a US$37.7 million profit in the preceding quarter – which had been a turnaround from its US$1.4 million net loss in Q3 2023.
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For 2024, full-year profit declined by 15.4 per cent year on year to US$21.4 million, due to higher net foreign exchange losses. Meanwhile, revenue rose 13.4 per cent to US$778.3 million and operating income was up 23.7 per cent at US$53.3 million.
Super Hi attributed the higher operating income to economies of scale driving operating expense improvements, as well as an enhanced gross profit margin due to supply chain optimisation.
Profit per share was US$0.04 for the year, compared with US$0.05 in 2023.
Super Hi chief executive and executive director Yang Lijuan said the group will continue expanding its Haidilao restaurant network and optimising store layout. It will also “intensify support” for its strategy to further diversify its business offerings and broaden its customer base, she added.
As at Dec 31, Super Hi operated 122 Haidilao outlets outside of China, after opening two restaurants and closing one in Q4. In total, the chain drew 30 million visits to its restaurants in 2024.
In China, the Haidilao group runs about 1,300 locations.
