H World Group announces 2022 annual results.
SINGAPORE and SHANGHAI: H World Group(NASDAQ: HTHT and HKEX: 1179)(the Group) announced its annual results for the year ended 31 December 2022. For the year 2022, the Group achieved revenue of RMB13.9 billion, representing an increase of 8.4% compared to 2021.
According to the Group, the reopening of China announced in mid-November put the domestic economy back on its feet and led to increased demand for business travel, resulting in an accelerated recovery of its business in the country. In the fourth quarter of 2022, the Group recorded revenue of RMB3.7 billion, representing a year-on-year increase of 10.7%.
He Jihong, the Group's Chief Financial Officer, said, "Despite the challenges posed by the Covid-19 pandemic in China, the Group was able to achieve Adjusted EBITDA of RMB 610 million, Adjusted EBITDA before non-cash impairment and forex loss was RMB 1.74 billion. This accomplishment can be attributed to the strong recovery of our international business, as well as rigorous cost reduction efforts across the Group implemented both at the hotel level and within our headquarters. "
Strong recovery of international business
Since the opening of Europe in mid-February, H World Group's European business has recovered strongly. In 2022, the Average Daily Rate (ADR) and full-year blended revenue per available room (RevPAR) of Deutsche Hospitality (DH) were up 22.9% and 96.2% year-on-year respectively. Meanwhile, the blended revenue per available room (RevPAR) in the fourth quarter rebounded to 110% of 2019's performance level, driven by the performance of Steigenberger hotels in Qatar and Egypt.
Revenue from the Legacy-DH segment for the year 2022 was RMB3.2 billion, representing an increase of 108.5% year-on-year. Adjusted EBITDA of RMB134 million before impairment and unrealized losses was achieved, showing a positive turnaround on operational level thanks to successful cost management and efficiency improvements.
Going forward, DH will continue to pursue its membership growth strategy(i.e. loyalty program H Rewards) and increase the share of direct...
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