HAIDILAO restaurant operator Super Hi International posted a net profit of US$37.7 million for the third quarter ended Sep 30, reversing its net loss of US$1.4 million over the same period the year before.
Revenue for Q3 rose 14.6 per cent to US$198.6 million, from US$173.3 million in the year-ago period. Earnings per share for the period stood at US$0.06.
On Monday (Nov 25), the group said the higher profit was mainly due to an increase in revenue, driven by ongoing business expansion, as well as higher dining-out demand – buoyed by the recovery of the tourism industry.
An improvement in operational efficiency and an increase in net foreign exchange gains of US$34.6 million also contributed to the bottom line, added Super Hi.
By segment, the group’s restaurant operations recorded US$190.9 million in revenue. This represented a 14.5 per cent increase from US$166.7 million recorded in the previous corresponding period.
In Q3, Super Hi had more than 7.4 million customers, up 4.2 per cent on the year. Average daily table turnover rate for the recorded period stood at 3.8 times.
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As at Sep 30, Super Hi operates 121 Haidilao outlets across 13 countries outside China, including 73 outlets in South-east Asia.
Revenue from Super Hi’s delivery business amounted to US$2.6 million in Q3, up 8.3 per cent from US$2.4 million in the same period the prior year.
This was primarily due to partnerships with local delivery platforms, said the Singapore-based restaurant operator, which is dual-listed in Hong Kong and on the Nasdaq in the US.
The other business segment contributed US$5.1 million in revenue, representing an increase of 21.4 per cent on the year.
This was driven by the “growing popularity” for hotpot condiment products, as well as Haidilao and sub-branded food products among local customers and retailers, said Super Hi.
June Yang, chief executive and executive director of Super Hi, said the group will continue to optimise its supply chain, product development, brand marketing and digital operations to further improve its store operations.
In September, Super Hi announced plans to unveil more outlets in the US as soon as 2025. This came as the hotpot chain’s domestic arm, Haidilao International, slowed its Chinese expansion following unprecedented losses at the height of Covid-19.
On Nov 22, The Business Times reported that Haidilao co-founders’ family is said to be the buyer of 21 Collyer Quay, an office building located in Raffles Place that was sold for S$688 million.
Shares of Super Hi were trading down 3 per cent or HK$0.40 at HK$12.80 on the Hong Kong Stock Exchange as at 11.59 am on Tuesday.
