Tim Hortons China’s net loss narrows to US$12.5m in Q3 2024

Adjusted corporate EBITDA was a gain of US$300,000.

TH International Limited’s (Tim’s China) net loss has narrowed to US$12.5m (RMB87.4m) for the three months ended 30 September, compared to US$22m (RMB159.7m) in Q3 2023, according to their unaudited financial report for the third quarter of 2024 (Q3 2024).

The company’s total revenue decreased by 17.1% to US$51.3m (RMB359.6m) Q3 2024, from US$59.99m (RMB433.9m) in the same quarter of 2023.

Adjusted corporate EBITDA was a gain of US$300,000 (RMB2m) in Q3 2024, whilst adjusted corporate EBITDA margin increased by 0.6% to 15.1 percentage points (pp) from 14.5%.

Basic and diluted net loss per ordinary share was US$0.08 (RMB0.55).