Trip.com sees substantial increase in revenue in 2023

The online travel agency Trip.com Group reported a net profit attributable to the parent company that was about 9.92 billion yuan ($1.38 billion) in 2023, a surge of 606.91 percent year-on-year, according to the company's statement on Thursday.

The company's financial data shows that its net revenue reached 10.34 billion yuan in the fourth quarter of 2023 and 44.56 billion yuan for the full year of 2023, representing year-on-year increases of 105.49 percent and 122.2 percent, respectively, ThePaper reported.

Accommodation booking revenue in the fourth quarter totaled 3.9 billion yuan, up by 131.08 percent year-on-year, and, for the full year, it reached around 17.26 billion yuan, a rise of 133.2 percent.

Transportation ticketing revenue in the fourth quarter amounted to about 4.11 billion yuan, increasing by 86.3 percent compared to the same period last year, while for the full year it reached approximately 18.44 billion yuan, marking a rise of 123.47 percent.

Revenue from tourism and vacation businesses in the fourth quarter was 704 million yuan, a surge of 329.27 percent year-on-year, and for the full year it stood at 3.14 billion yuan, an increase of 293.98 percent.

In the fourth quarter of 2023, Trip.com's outbound hotel and flight bookings rebounded to over 80 percent of 2019 levels, with total bookings on its international online travel agency platforms growing over 70 percent year-on-year.

The online agency spent 12.1 billion yuan on product research and development in 2023, up by 45 percent year-on-year, accounting for about 27 percent of its net operating income.

Benefiting from the surge in tourism and the expanding market influence, our international business has seen significant growth, said Liang Jianzhang, chairman of the board at Trip.com Group.

The company remains focused on globalization and artificial intelligence innovation, and is confident to further explore future opportunities based on its achievement in 2023, he added.