Gelonghui, March 20 | Huazhu Group-S (01179.HK) announced that in the fourth quarter of 2023, the company's revenue increased 50.7% year-on-year to RMB 5.6 billion, exceeding the previously announced revenue growth of 41% to 45% compared to the fourth quarter of 2022, while the full year of 2023 increased 57.9% year-on-year to RMB 21.9 billion. Revenue from the Legacy-Huazhu division for the fourth quarter of 2023 was RMB 4.4 billion, up 59.0% year over year, exceeding previously announced revenue guidance of 48% to 52% growth.

In the fourth quarter of 2023, net profit attributable to Huazhu Group Co., Ltd. was RMB 743 million. In comparison, the fourth quarter of 2022 recorded a net loss attributable to Huazhu Group Co., Ltd. of RMB 124 million, while net profit attributable to Huazhu Group Co., Ltd. in the previous quarter was RMB 1.3 billion. For the full year of 2023, net profit attributable to Huazhu Group Co., Ltd. was RMB 4.1 billion. In comparison, net loss attributable to Huazhu Group Co., Ltd. was recorded for the full year of 2022 of RMB 1.8 billion.

In the fourth quarter of 2023, EBITDA (non-GAAP) was RMB 1.4 billion, compared to RMB 529 million in the fourth quarter of 2022, compared to RMB 2.1 billion in the previous quarter. EBITDA (non-GAAP) for the full year of 2023 was RMB 6.8 billion, compared to RMB 164 million for the full year of 2022.

In the fourth quarter of 2023, hotel turnover increased 55.0% year over year to RMB 20.4 billion. Excluding Steigenberger Hotels GmbH and its subsidiaries, hotel turnover increased 60.6% year over year in the fourth quarter of 2023, and 65.9% year over year for the full year of 2023.

Furthermore, in the first quarter of 2024, Huazhu's revenue is expected to increase between 12% and 16% compared to the first quarter of 2023, or between 11% and 15% (if DH is not included). Throughout 2024, Huazhu's revenue is expected to increase between 8% and 12%, or between 8% and 12% (if DH is not included) compared to the full year of 2023.