FMP
May 21, 2024 6:38 AM - Parth Sanghvi
In the first quarter of 2024, H World Group, known for its Legacy-Huazhu hotels, demonstrated a strong operational performance with a notable increase in revenue and net income. The group's blended RevPAR (Revenue Per Available Room) grew by 3.1% year-over-year (YoY) to RMB 216, and the company expanded its hotel portfolio by opening 569 new hotels while closing 148.
Financially, H World Group's hotel turnover surged by 21% YoY to RMB 19.7 billion, with total revenue climbing 18% to RMB 5.3 billion. Adjusted EBITDA for Legacy-Huazhu rose by 32% YoY to RMB 1.5 billion, and adjusted net income soared by 101% YoY to RMB 771 million. The group maintains a solid cash position with RMB 8.9 billion on hand.
Key Takeaways:
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