Gelonghui, May 17 | Huazhu Group-S (01179.HK) announced that in the first quarter of 2024, revenue increased 17.8% year-on-year to RMB 5.3 billion, exceeding previously announced revenue growth of 12% to 16% over the first quarter of 2023. Revenue from the Legacy-Huazhu division for the first quarter of 2024 was RMB 4.2 billion, up 18.1% year over year, exceeding previously announced revenue guidance of 11% to 15%. Revenue from the Legacy-DH division for the first quarter of 2024 was RMB 1 billion, up 16.6% year over year.
In the first quarter of 2024, net profit attributable to Huazhu Group Co., Ltd. was RMB 659 million, compared with RMB 990 million in the first quarter of 2023 and RMB 743 million in the previous quarter. Net profit attributable to Huazhu Group Co., Ltd. from the Legacy-Huazhu division in the first quarter of 2024 was RMB 833 million, compared with RMB 1.2 billion in the first quarter of 2023, compared to RMB 827 million in the previous quarter. The net loss for the first quarter of 2024 from the LegacyDH division belonging to Huazhu Group Co., Ltd. was RMB 174 million, compared to RMB 165 million in the first quarter of 2023, compared to RMB 84 million in the previous quarter.
In the first quarter of 2024, EBITDA (non-GAAP) was RMB 1.3 billion, compared to RMB 1.6 billion in the first quarter of 2023, compared to RMB 1.4 billion in the previous quarter.
In the first quarter of 2024, hotel turnover increased 21.1% year over year to RMB 19.7 billion. Excluding Steigenberger Hotels GmbH and its subsidiaries (DH or Legacy-DH), hotel turnover increased 21.6% year-on-year in the first quarter of 2024. Hotel turnover from the LegacyDH division increased 15.5% in the first quarter of 2024.
As of March 31, 2024, there were 9,817 active hotels (or 955,657 active hotel rooms).