Super Hi International Holding Ltd faces challenges amid increasing operational costs.
Super Hi International Holding Ltd, the operator behind the Haidilao hotpot chain, has reported a net loss of US$11.6 million (S$15.5 million) in the fourth quarter of 2024, despite seeing a rise in revenue. The company’s financial results, released on March 25, attribute the loss to persistent operational costs that have outpaced growth.
While the company achieved a 13.4 per cent year-on-year revenue increase, maintaining profitability remains a struggle. Southeast Asia continues to be a crucial growth market, with 73 Haidilao outlets across countries such as Singapore, Malaysia, Thailand, Indonesia, and Vietnam. In Q4 2024 alone, the region accounted for 70.5 per cent of the total customer traffic, with 5.4 million visits.
Additionally, average spending per guest in Southeast Asia increased slightly, rising from US$19.50 (S$26.07) in 2023 to US$19.60 (S$26.20) in 2024. New initiatives, such as Haidilao Beef in Singapore and the launch of the “Hi Hot Pot” brand aimed at families and professionals, contributed to the brand’s appeal.
However, rising operational costs have been a significant concern. Staff expenses increased by US$5.9 million, partly due to higher wages in key markets, while rent and lease expenses also grew, further affecting profitability.
Despite these setbacks, the company remains focused on long-term growth. Shu Ping, Non-Executive Director and Chairperson of the Board, emphasised that in 2025, the company will continue to focus on customer satisfaction, employee engagement, and innovations in branding, product offerings, and digital upgrades. The goal is to evolve into a multi-brand, cross-regional restaurant group with strong global competitiveness.
