DPC Dash Ltd Announces Full Year 2024 Financial Results
Revenues increased to RMB4.31 billion, representing 41.4% year-over-year growth
Store-level operating profit grew by 48.7%; Adjusted group EBITDA increased by 64.1%
Adjusted net profit reached RMB131.2 million, representing 1,394.2% year-over-year growth
Added 240 net new stores in 2024; 1,008 stores in operation across 39 cities as of December 31, 2024
HONG KONG, March 27, 2025 /PRNewswire/ -- DPC Dash Ltd - Domino's Pizza China ("DPC Dash" or the "Company", together with its subsidiaries, the "Group") (1405.HK), Domino's Pizza's exclusive master franchisee in the Chinese Mainland, the Hong Kong Special Administrative Region of China, and the Macau Special Administrative Region of China, today announced its audited consolidated financial results for the year ended December 31, 2024 ("FY2024").
FY2024 HIGHLIGHTS[1]
Revenues reached RMB4.31 billion, representing an increase of 41.4% from RMB3.05 billion in the year ended December 31, 2023 ("FY2023").
Opened 240 net new stores and entered into 10 new cities in FY2024. Total stores reached 1,008 across 39 cities, as of December 31, 2024.
Average daily sales per store was RMB13,126 in FY2024, representing a 4.3% year-over-year increase.
Same-store sales growth (SSSG) was 2.5%, compared to 8.9% for FY2023 and 3.6% in the first six months of 2024.
Store-level EBITDA was RMB831.4 million, representing an increase of 44.2% from RMB576.6 million in FY2023. Store-level EBITDA margin was 19.3%, compared to 18.9% for FY2023.
Store-level operating profit was RMB624.0 million, representing an increase of 48.7% from RMB419.7 million in FY2023. Store-level operating profit margin was 14.5%, compared to 13.8% for FY2023.
Adjusted EBITDA was RMB495.2 million, representing an increase of 64.1% from RMB301.7 million in FY2023. Adjusted EBITDA margin was 11.5%, compared to 9.9% for FY2023.
Adjusted net profit was RMB131.2 million, representing an increase of 1,394.2% from RMB8.8 million in FY2023.
As of December 31, 2024, the Group held RMB1,069.3 million in cash and bank balances, as compared to RMB1,019.2 million as of December 31, 2023.
Total loyalty program membership was 24.5 million, representing an increase of 67.8% from 14.6 million in FY2023.
[1] Please refer to the section "KEY DEFINITIONS" on Page 5 for detailed definitions on certain terms used.
Ms. Aileen Wang, CEO & Executive Director of DPC Dash commented, "Our implementation of the 4D strategy yielded solid results in 2024, with total revenues representing a 41.4% increase year-over-year. Through our balanced 'Go-Deeper' and 'Go-Broader' approach, we expanded our network to 1,008 stores across 39 cities, adding a net of 240 new locations while maintaining positive same-store sales growth for the 30th consecutive quarter. The focused execution of our menu innovation at value, service optimization, and digital initiatives has driven consistent growth. Looking ahead to fiscal year 2025, we remain committed to operational efficiency and strategic site selection to ensure long-term returns and shareholder value."
Ms. Helen Wu, CFO of DPC Dash, added, "Our strong financial performance in 2024 highlights the effectiveness of our strategic initiatives and operational discipline. We achieved meaningful improvements in profitability, with adjusted EBITDA increasing by 64.1% year-over-year to RMB495.2 million. This growth reflects our effective cost management and the benefits of scale. Notably, we delivered our first full year of positive reported net profit, marking an important milestone for our company. As we move forward, our solid financial position will support our ongoing efforts to drive sustainable growth."
FY2024 Financial Results
Year ended
Dec 31,
Dec 31,
(in RMB millions, except percentages and per share data)
2023
2024
YoY
Revenue
3,050.7
4,314.1
+41.4 %
Store-level EBITDA
576.6
831.4
+44.2 %
Store-level EBITDA margin
18.9 %
19.3 %
+0.4
Store-level operating profit
419.7
624.0
+48.7 %
Store-level operating profit margin
13.8 %
14.5 %
+0.7
Adjusted EBITDA
301.7
495.2
+64.1 %
Adjusted EBITDA margin
9.9 %
11.5 %
+1.6
Adjusted Net Profit
8.8
131.2
+1,394.2 %
Net Profit/(Loss)
(26.6)
55.2
N/A
Basic Net Profit/(Loss) per share
(0.22)
0.42
N/A
Diluted Net Profit/(Loss) per share
(0.22)
0.42
N/A
Operational Highlights
As of
Dec 31,
Jun 30,
Dec 31,
2023
2024
2024
Total stores
768
914
1,008
Number of cities entered
29
33
39
Loyalty membership numbers (million)
14.6
19.4
24.5
Full YearEndingDec 31,
6-MonthsEnding
Jun 30,
Full YearEnding Dec 31,
2023
2024
2024
Same-store sales growth (SSSG) (%)
8.9 %
3.6 %
2.5 %
Average Daily Sales per Store (RMB)
12,580
13,515
13,126
Delivery as % of Revenue (%)
59.2 %
46.4 %
46.1 %
Recent Developments
On May 30, 2024, the Company received the Best Digitalization Award (Food and Dining Category) at the 15th Tiger Roar Awards, validating the Company's emphasis on digital solutions as part of its core strategy.
On June 25, 2024, the Company was named a Top 20 Digitalized Enterprise by China Digital Innovation Expo (CDIE) 2024, an honor which recognizes the Company's innovative approach and leadership on the digital front.
On July 8, 2024, the Company received the 2023 Best IPO Award from China Financial Market 2024, a testament to its unwavering commitment, dedication, and execution in delivering value to shareholders.
On August 16, 2024, the Company announced that it had been selected as a constituent stock for the Hong Kong Hang Seng Composite Index, effective September 9. On September 9, 2024, the Company announced its official inclusion in both the Shanghai-Hong Kong Stock Connect Program and the Shenzhen-Hong Kong Stock Connect Program.
On November 15, 2024, the Company celebrated the grand opening of its 1,000th store in Chengdu, China. This milestone marks another significant milestone in the Company's proven "Go-Deeper, Go-Broader" store network strategy.
On December 17, 2024, the Company received recognition from the prestigious 2024 "Annual Seven-Star Awards for Outstanding Contributions in Food Safety & Public Health" for the fourth year. This honor stands as a testament to DPC Dash's unwavering commitment to food safety, quality, and excellent service.
As of December 31, 2024, Domino's Pizza is ranked in the Top 2 in terms of pizza sales in China for 2024, according to market survey conducted by Frost & Sullivan.
As of December 31, 2024, the Chinese mainland market is now also ranked the third largest Domino's Pizza international market in terms of store count.
During the 12 months ended on December 31, 2024, the Company expanded into 10 new cities, including Shenyang, Chongqing, Zhengzhou, and Nanning. In January 2025, the company entered 6 additional cities during the New Year and pre-Chinese New Year holiday season, including Nanchang.
On January 14, 2025, the Company was recognized as a 2024 Best Employer by Mercer, marking the third consecutive year that the Company has received this prestigious award.
On February 17, 2025, the Company was named one of the "Highest Growth Potential Consumer Stocks" in New Fortune's "2024 Best Hong Kong Listed Companies" ranking. This recognition reflects the Company's strong performance across profitability, growth trajectory, investment returns, and innovation metrics, underscoring its market leadership and future prospects in the consumer sector.
As of February 28, 2025, the Company held all the top 40 positions in the global records of Domino's Pizza for the first 30-day sales of new stores. The Company's first store in Shenyang set a new global record for Domino's Pizza in terms of first 30-day sales for new stores, achieving approximately RMB11.1 million in revenue, demonstrating the strength and popularity of the Domino's Pizza brand name in China.
On March 3, 2025, the Company received the Gold Franny Award from Domino's Pizza, Inc. for the seventh consecutive year. This award, presented within the Domino's global system, recognizes U.S. and international franchisees for outstanding operating results, store development, and growth.
Outlook
The Group expects to open approximately 300 net new stores in 2025. Total capital expenditure for store development, including remodeling, relocation, and maintenance, is expected to be approximately RMB570 million.
As of March 14, 2025, the Company opened 82 net new stores, with 26 stores under construction, and 62 stores signed, accounting for over 56% of the total targeted store opening plan for the full year.
The Group is also striving to enhance the cost efficiency as we continue to expand, and our stores continue to operate at a higher capacity.
Conference Call Information
The Company will host a conference call today, Thursday, March 27, 2025, at 7:00 pm Hong Kong Time (or Thursday, March 27, 2025, at 7:00 am Eastern Time) to discuss the financial results.
A live audio-only webcast of the call can be accessed directly at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=tDOLLjE9.
To participate by phone, participants are strongly encouraged to pre-register for the conference call, by using the link provided below. Upon registering, each participant will receive a set of participant dial-in numbers, the event passcode, and a unique access PIN, which can be used to join the conference call.
Pre-registration Link: https://dpregister.com/sreg/10197148/fe92777ba0
An audio-only replay of the call will be accessible through April 3, 2025, by dialing the following numbers:
United States Toll Free:
