Super Hi International Holding (9658) Q4 2024 earnings summary

Executive summary

• FY2024 revenue reached $778.3 million, up 13.4% year-over-year, with Q4 revenue at $209 million, a 10.4% increase year-over-year.

• Net restaurant count increased by 7 to 122 locations, with expansion focused on international markets.

• Guest visits rose 9.6% in Q4 and 12.0% for the year, driven by network expansion and group dining initiatives.

• Focused on operational efficiency, employee engagement, and customer experience, including digital solutions and localized menu offerings.

• Launched the Red Pomegranate Initiative to foster innovation and develop new business models, including barbecue and fast food.

Financial highlights

• Restaurant operating revenue reached $747.3 million, 96% of total revenue, up 13% from 2023.

• Q4 operating profit was $17.5 million, up 44.5% year-over-year; Q4 operating profit margin was 8.4%, up 2 percentage points.

• Full-year operating profit margin at restaurant level was 10.1%, up 1.1 percentage points; company operating profit increased 23.7%.

• Q4 net profit was $12.3 million, with a net margin of 5.6%; full-year net profit was $21.4 million, down 15.4% year-over-year due to FX losses.

• Takeaway revenue rose 15.3% to $11.3 million; other business revenue grew 27.9% to $19.7 million.

Outlook and guidance

• Plans to open more stores in 2025 than in 2024, with contracts signed for at least 10 new hot pot and 2 barbecue restaurants.

• No specific financial guidance for 2025 provided due to ongoing expansion and new sub-brand launches.

• Focus remains on global expansion, optimizing store layout, and supporting the 'Pomegranate plan' for business diversification.

• Continued focus on operational efficiency, customer-centric innovation, and network expansion through a bottom-up strategy.