Revenue Performance - The Group's revenue for the six months ended June 30, 2024, was US$370.9 million, a 14.5% increase from US$323.9 million in the same period of 2023[17]. - Revenue from Haidilao restaurant operations reached US$356.5 million, up 14.0% from US$312.7 million year-over-year, driven by increased guest visits and table turnover rates[19]. - Revenue from the delivery business was US$5.2 million, a 20.9% increase from US$4.3 million in the prior year[29]. - Revenue from other sources, including hot pot condiments, rose to US$9.2 million, marking a 33.3% increase from US$6.9 million[30]. - Total revenue for the six months ended June 30, 2024, was USD 370,930,000, an increase of 14.5% from USD 323,931,000 in the same period of 2023[91]. - Revenue from external customers for the six months ended June 30, 2024, was USD 370,930,000, up from USD 323,931,000 for the same period in 2023, representing an increase of approximately 14.5%[140]. - The Group's revenue from Singapore increased to USD 80,773,000 in 2024 from USD 77,605,000 in 2023, marking a growth of about 2.8%[140]. Guest Metrics - Total guest visits increased to 14.5 million, up from 12.3 million in the same period last year, reflecting a recovery in the catering industry[23]. - The average spending per guest decreased to US$24.6, down US$0.9 from US$25.5 in the previous year, primarily due to exchange rate fluctuations[19]. - The restaurant network expanded to 122 locations across 13 countries, with Southeast Asia contributing 60.7% of total revenue[20]. Financial Performance - The Group recorded a net loss of US$4.6 million for the six months ended June 30, 2024, compared to a net profit of US$3.4 million for the corresponding period in 2023[52]. - Other expenses increased by 19.1% to US$33.1 million for the six months ended June 30, 2024, from US$27.8 million in the same period of 2023, representing 8.9% of revenue[46]. - The Group's finance costs decreased slightly to US$3.9 million for the six months ended June 30, 2024, from US$4.3 million in the same period of 2023[49]. - The Group's income tax expense for the six months ended June 30, 2024, was USD 5,277,000, an increase from USD 3,926,000 in the same period of 2023[98]. - The loss attributable to the owners of the Company for the six months ended June 30, 2024, was USD 4,583,000, compared to a profit of USD 3,541,000 in the same period of 2023[102]. Cost and Expenses - Staff costs increased to US$126.3 million, a 17.3% rise from US$107.7 million, attributed to network expansion and increased guest traffic[36]. - Raw materials and consumables used amounted to US$124.6 million, a 14.0% increase from US$109.3 million, maintaining a stable percentage of revenue at 33.7%[33]. - Administrative expenses decreased to US$8,372,000 from US$9,996,000, a reduction of 16.3%[94]. - The Group incurred a total depreciation and amortization expense of USD 39,022,000 for the six months ended June 30, 2024, down from USD 41,795,000 in the previous year[100]. Assets and Liabilities - The Group's cash and cash equivalents decreased by 8.0% to US$140.7 million as of June 30, 2024, from US$152.9 million as of December 31, 2023[62]. - The Group's inventories decreased by 10.7% to US$26.6 million as of June 30, 2024, from US$29.8 million as of December 31, 2023[53]. - The turnover days of inventory improved from 42.8 days to 40.7 days for the same periods, indicating better inventory management[54]. - The current ratio improved to 2.3 as of June 30, 2024, compared to 1.7 as of December 31, 2023[68]. - The Group's total current liabilities decreased to USD 31,230,000 as of June 30, 2024, compared to USD 34,887,000 as of December 31, 2023, indicating a reduction of about 10.0%[124]. - The Group's total trade receivables decreased to USD 15,765,000 from USD 18,430,000 as of December 31, 2023, reflecting a decline of approximately 9.0%[120]. - The Group's total assets decreased from USD 336,767,000 as of December 31, 2023, to USD 321,783,000 as of June 30, 2024, representing a decline of approximately 4.4%[142]. Investments and Future Plans - Capital expenditure for the six months ended June 30, 2024, amounted to US$17.7 million, primarily for new restaurant openings and renovations[64]. - The Group plans to continue identifying strategic investment opportunities but currently has no concrete plans for material investments[67]. - The Group's capital expenditure commitments for property, plant, and equipment as of June 30, 2024, were USD 6,714,000, up from USD 6,650,000 as of December 31, 2023[131]. Compliance and Governance - The Company has complied with the Corporate Governance Code throughout the reporting period[143]. - The Audit Committee reviewed the interim results and confirmed compliance with relevant accounting standards[149]. - There were no material events for disclosure after June 30, 2024[149]. - The interim report will be published on the Stock Exchange and the Company's website[152].
Super Hi International Holding Ltd.(HDL) - 2024 Q2 - Quarterly Report