Huazhu Group-S (01179) announced third quarter results. Hotel turnover increased 10.7% year over year to 26 billion yuan

According to the Zhitong Finance App, Huazhu Group-S (01179) announced financial results for the third quarter of 2024. The group obtained total revenue of RMB 6.442 billion (same unit), an increase of 2.45% year on year; net profit attributable to Huazhu Group Co., Ltd. was 1,273 billion yuan, a year-on-year decrease of 4.79%; and basic profit per share was 0.41 yuan.

In the third quarter of 2024, hotel turnover increased 10.7% year over year to 26 billion yuan. Excluding Steigenberger Hotels GmbH and its subsidiaries (collectively, “Deutsche Hotels”, “DH” or “Legacy-DH”), hotel turnover from the Legacy-Huazhu (“Huazhu China”) division increased 11.0% year-on-year in the third quarter of 2024; while hotel revenue from the Legacy-DH division increased 7.8% year-on-year in the third quarter of 2024.

In the third quarter of 2024, revenue increased 2.4% year over year to 6.4 billion yuan (equivalent to US$918 million), which is in the range of 2% to 5% revenue growth previously announced in the third quarter of 2023. Revenue from the Legacy-Huazhu division increased 1.0% year over year in the third quarter of 2024, in line with the previously announced revenue growth of 1% to 4%; and revenue from the Legacy-DH division for the third quarter of 2024 increased 8.9% year over year.

As of September 30, 2024, Huazhu's global operating hotel network had 10,845 hotels and 1,062,546 guest rooms, including DH's 138 hotels and 27,687 guest rooms. In the third quarter of 2024, our Legacy-Huazhu business opened 774 hotels, including 3 leased and owned hotels and 771 managed franchised hotels, and closed a total of 217 hotels, including 25 leased and owned hotels and 192 managed franchised and franchised hotels. As of September 30, 2024, Huazhu had a total of 2,925 hotels to open, including 2,899 hotels from the Legacy-Huazhu business and 26 hotels from the Legacy-DH business.