Super Hi International, which operates Haidilao’s international business, reported a net loss of $11.6 million (S$15.5 million) in the fourth quarter (Q4) of 2024, reversing its $23.3 million net profit from the same period in 2023. This happened even though the company’s revenue grew 10.4 per cent year-on-year (YoY) to $208.8 million, and operating income rose 44.6 per cent to $17.5 million, The Business Times reported.
Commenters online, however, seemed unfazed by the company’s losses. Some remarked that “the hype is over”, while another joked about the chain’s offerings, saying, “Someone adds something in the soup.”
“Gone are the good old days,” another commenter noted, suggesting that Super Hi may soon become “Super Bye.”
Earlier this month, Haidilao Singapore announced that it had permanently lowered broth prices by up to 47 per cent as part of its 31st-anniversary promotions.
Super Hi said in a statement on Tuesday (March 25) that the loss was due to a $40.4 million net foreign exchange loss caused by the weakening of local currencies against the US dollar. Higher revenue from business growth, more guest visits, better table turnover, and improved efficiency helped offset some of the losses.
The Singapore-based company, listed in Hong Kong and the US on Nasdaq, reported a loss per share of $0.02 for Q4, down from a profit per share of $0.04 in the same period last year. This came after Super Hi recorded a $37.7 million profit in the previous quarter, which had marked a recovery from a $1.4 million net loss in Q3 2023.
In 2024, Super Hi’s full-year profit fell 15.4 per cent YoY to $21.4 million due to higher foreign exchange losses. Revenue increased 13.4 per cent to $778.3 million while operating income grew 23.7 per cent to $53.3 million.
The company said the higher operating income came from lower costs due to economies of scale and better profit margins from supply chain improvements. Profit per share was $0.04, down from $0.05 in 2023.
Super Hi chief executive and executive director Yang Lijuan said the company will keep expanding Haidilao’s network and improving store layouts, adding that they will also work to offer more services and attract a wider customer base.
As of Dec 31, Super Hi operated 122 Haidilao outlets outside China, with two new restaurants opened and one closed in Q4. The chain drew 30 million visits in 2024. In China, Haidilao runs about 1,300 locations. /TISG