Trip.com Group reported its full-year results for 2023 with a 122% increase in annual revenue. In the fourth quarter, domestic hotel reservations grew by over 130% year over year.
Outbound hotel and air reservations in the fourth quarter both recovered to over 80% of the pre-COVID level in 2019, compared to a 60% industry recovery in terms of international air passenger volume for the same period. Total bookings on the company's global OTA platform in Q4 have increased by over 70% year over year.
James Liang, the Chinese online travel giant's executive chairman, said that China embarked on a significant journey of reconnecting with the world driven by the rising travel sentiment last year. Trip.com Group's global business also experienced substantial growth fueled by our expanded market presence.
"With a continued focus on globalization and AI innovations, we are confident to build upon the success of 2023 and further explore the opportunities that lie ahead," he said.
For the full year of 2023, net revenue was RMB44.5 billion (US$6.3 billion), representing a 122% increase from 2022.
Accommodation reservation revenue was RMB17.3 billion (US$2.4 billion), representing a 133% increase from 2022. The accommodation reservation revenue accounted for 39% of the total revenue in 2023 and 37% of the total revenue in 2022.
Transportation ticketing revenue was RMB18.4 billion (US$2.6 billion), representing a 123% increase from 2022. The transportation ticketing revenue accounted for 41% of the total revenue both in 2023 and 2022.
Packaged-tour revenue was RMB3.1 billion (US$442 million), representing a 294% increase from 2022. The packaged-tour revenue accounted for 7% of the total revenue in 2023 and 4% of the total revenue in 2022.
Corporate travel revenue was RMB2.3 billion (US$317 million), representing a 109% increase from 2022. The corporate travel revenue accounted for 5% of the total revenue both in 2023 and 2022.
Product development expenses increased by 45% to RMB12.1 billion (US$1.7 billion) from 2022, which accounted for 27% of net revenue in 2023.
Sales and marketing expenses increased by 117% to RMB9.2 billion (US$1.3 billion) from 2022, which accounted for 21% of net revenue in 2023.
Net income was RMB10.0 billion (US$1.4 billion), compared to RMB1.4 billion in 2022.
As of December 31, 2023, the balance of cash and cash equivalents, restricted cash, short-term investment, and held to maturity time deposit and financial products was RMB77.3 billion (US$10.9 billion).
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