Haidilao operator reports S$15.5 million loss for Q4 2024

The operator of Haidilao hotpot chain, Super Hi International Holding Ltd, reported a net loss of US$11.6 million (S$15.5 million) in the fourth quarter of 2024 (Q4) despite increased revenue.

The loss is due to persistent operational costs, according to reports of its financial results for 2024 on Mar. 25.

Despite a 13.4 per cent year-on-year revenue growth in 2024, the company faced challenges in maintaining profitability.

Average spending in Southeast Asia market increased

According to Super Hi's reports, Southeast Asia is still a key growth region for the brand, with 73 Haidilao outlets across multiple countries, including Singapore, Malaysia, Thailand, Indonesia, and Vietnam.

The company recorded 5.4 million guest visits in the region in Q4 2024, contributing to 70.5 per cent of total customer traffic.

Average spending per guest also increased to US$19.60 (S$26.20) in 2024 from US$19.50 (S$26.07) in 2023.

The introduction of Haidilao Beef (Singapore) as part of a localised product strategy was well-received, helping to drive guest engagement.

Additionally, the launch of "Hi Hot Pot" in Singapore, a brand aimed at families and working professionals, signals Super Hi's efforts to diversify its offerings beyond traditional hotpot dining.

Revenue growth and rising costs

The company's global expansion, including new restaurant openings in the Philippines and Cambodia, fuelled revenue growth but at a cost.

Staff expenses rose to US$67.2 million in the quarter, from US$61.3 million in the same period in 2023, partly due to increased wages across key markets.

Rent and lease costs also increased and impacted the bottom line.

Brand will continue to "prioritise customer satisfaction"

Despite recent financial setbacks, the operator remains optimistic about long-term growth.

Non-Executive Director and Chairperson of the Board Shu Ping said:

"In 2025, we will continue to prioritise customer satisfaction and employee engagement, focusing on branding, product innovation, digital upgrades, and supply chain optimisation."

She added that the company aims to evolve into a multi-brand, cross-regional restaurant group with strong international competitiveness and a supportive, growth-oriented work environment.

"With a steady and pragmatic approach, we aim to achieve sustainable high-quality development," Shu said.

Top photo via Google Maps