Sfinks Polska Group Reports 10.8% Growth in Catering Revenues for H1 2024 and Increased Operating Profitability

COMPANIESSfinks Polska Group Reports 10.8% Growth in Catering Revenues for H1 2024 and Increased Operating Profitability

The networks managed by the Sfinks Poland Group, the owner of SPHINX Restaurants among others, achieved PLN 99.5 million in revenues from catering sales (excluding Piwiarnia network) in the first half of 2024, representing a growth of 10.8% year on year. The first six months of 2024 marked another period of increasing sales profitability in the Sfinks Group and transforming owned restaurants into franchises. As a result, the consolidated operating profit at the end of June was PLN 4.37 million, compared to PLN 3.35 million a year earlier. The EBITDA indicator in the group stood at PLN 9.83 million at the end of the first half of 2024, compared to PLN 8.99 million a year earlier.

“We are very pleased with the sales data – the total revenues of franchise and owned restaurants under our brands increased by nearly 11%, largely due to newly opened outlets. Meanwhile, the group’s operating results, such as gross sales result and EBIT, show a continuation of positive trends related to the efficiency of our business. For example, the gross profitability ratio on sales improved to 30.6% in the first half of 2024, or 3.4 percentage points year on year,” says Sylwester Cacek, CEO of Sfinks Polska.

SPHINX network has the largest share in Sfinks’ revenues. In the first half year, it generated 97% of the catering sales and grew by three new restaurants in Torun, Gliwice, and Rzeszow. In line with its strategy, Sfinks is transforming its owned restaurants into outlets run by franchisees. By the end of the first half of 2024, the share of franchising in the group already stood at 84.6%, compared to 71% at the end of the same period in 2023. This process impacts, among other things, the level of consolidated sales revenues, to which Sfinks no longer includes the turnover of transformed restaurants, but only the franchise fee. This is why the consolidated revenues of Sfinks Polska in the first half of this year amounted to PLN 41.11 million, compared to PLN 50.32 million a year earlier. At the same time, the net result of the group for the first half of 2024 was -PLN 0.61 million, compared to PLN 0.31 million in the same period of the previous year. Importantly, despite the significant reduction in consolidated revenues, the group maintains positions of the profit and loss account related to sales profitability at a similar or higher level. The group’s gross sales profit for the first six months of 2024 amounted to PLN 12.60 million, compared to PLN 13.69 million in the first half of 2023, and the operating profit was PLN 4.37 million at the end of June, compared to PLN 3.35 million a year earlier. Similar tendencies are shown by data when adjusted for the impact of IFRS 16.

The first half of 2024 also marked another period of implementing an arrangement with creditors by Sfinks, as part of the approach for dealing with the post-pandemic situation and two lockdowns for the hospitality industry. By the end of last year, Sfinks had paid off PLN 13.7 million in obligations. Payments made from January to the end of June 2024 reached PLN 5.6 million. Sfinks carries out all these payments from money generated from its core business, revenues from transforming restaurants into franchises, and its receivables.

“Increasing business efficiency, further transformations into franchises, and effective network management are not only an aim in itself for us, but also a tool for achieving our strategic goal, which is to improve equity and in the long term to generate profit that we can share with shareholders. As part of this task, by the end of 2024 we intend to settle our obligations to all creditors, except for the bank. Repayment of obligations to the BOŚ bank is spread until August 2028. At the same time, we continue to work on the revenue side of our business,” explains the CEO of Sfinks.

Immediately after the end of the first half, the Sfinks restaurant network was expanded by a new SPHINX restaurant in Poznan and two new The Burgers outlets – in Komorniki near Poznan and in Gorzow Wielkopolski. New SPHINX restaurants in shopping parks in Opole and in Łubna near the capital will start operating in the autumn. A new SPHINX in Jarocin is also being prepared for opening. Sfinks is also working on foreign development. In August, it signed a master franchise agreement, under which SPHINX restaurants will be established, among other places, in Egypt. The agreement is valid for 10 years and is two-stage. Initially, Sfinks’ Egyptian partner will open its own SPHINX restaurants, and in the second stage, sub-franchising to third parties is envisaged.

In its periodic report, Sfinks Polska also presents data adjusted for the impact of IFRS 16. In this presentation, consolidated sales revenues for the first half of 2024 amounted to PLN 45.68 million (PLN 52.65 million in the first half of 2023), consolidated gross sales profit was PLN 11.89 million (PLN 11.91 million in the first half of 2023), operating profit stood at PLN 0.7 million (PLN 0.05 million in the first half of 2023), net result reached -PLN 2.31 million (-PLN 1.9 million in the first half of 2023), while the gross profitability index on sales was 26% (compared to 22.6% in the first half of 2023).


Catering revenues refers to the revenues of all outlets operating under the brands belonging to the Sfinks Polska Group, excluding the Piwiarnia network.

Source: https://managerplus.pl/grupa-sfinks-polska-wzrost-przychodow-gastronomicznych-o-108-w-i-polroczu-2024-r-i-poprawa-rentownosci-operacyjnej-61996

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