China’s biggest travel management platform Trip.com Group said earnings jumped more than expected last quarter, with some parts of its business surpassing pre-pandemic levels, as international travel recovered.
Fourth-quarter net income rose 69 per cent to 2.2 billion yuan (US$303.5 million), while revenue increased 23 per cent to 12.7 billion yuan, according to a Hong Kong stock exchange filing on Tuesday. For the full year, revenue climbed 20 per cent to 53.4 billion yuan while earnings surged 72 per cent to 17.1 billion yuan.
Revenue for the quarter came in 3.4 per cent above the market consensus, according to Jefferies, and was 3.9 per cent higher than the brokerage’s estimate.
“With a promising market outlook, we are well-positioned to deliver outstanding travel services globally,” CEO Jane Sun said. “We are confident in our ability to create value for users and succeed with business partners through new initiatives.”
The Singapore-based group said outbound hotel and air ticket bookings reached 120 per cent of the levels before the Covid-19 pandemic. Inbound travel bookings more than doubled as China ramped up measures to spur consumption and attract foreign tourists with visa-free entry programmes.
Trip.com handed out 30 US cents a share in dividend for the full year of 2024. It has set aside US$400 million for a stock buy-back programme in 2025, the filing showed. The group had 90 billion yuan of cash and cash equivalent on December 31.
