As of 31 March 2024, H World’s global hotel network comprised 9,817 hotels with 955,657 rooms. Credit: jittawit21/Shutterstock.com.

China’s H World Group has reported a net income attributable to the company of 659m yuan ($91m) for the first quarter (Q1) of 2024, a 33.4% fall from 990m yuan in Q1 2023. 

For the quarter ended 31 March 2024, the company’s revenue stood at 5.27bn yuan, up 17.8% from 4.48bn yuan in the same quarter last year.  

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H World Group’s Legacy-Huazhu segment contributed 4.24bn yuan to the revenue, marking an 18.1% increase from 3.59bn yuan in Q1 2023 while the Legacy-DH segment’s revenue grew by 16.6% to 1.03bn yuan from 886m yuan in Q1 2023. 

Earnings before interest, taxes, depreciation and amortisation (EBITDA) for Q1 2024 were 1.35bn yuan, a decrease from 1.63bn yuan in Q1 2023.  

However, the adjusted EBITDA, which excludes certain expenses and gains or losses, improved to 1.42bn yuan from 1.03bn yuan over this period. 

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Hotel turnover, representing the total transaction value of room and non-room revenue from H World hotels, increased 21.1% year-on-year to 19.7bn yuan. Excluding the Legacy-DH segment, the turnover saw a 21.6% increase.  

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The Legacy-DH segment itself reported a 15.5% rise in turnover. 

As of 31 March 2024, H World’s global hotel network comprised 9,817 hotels with 955,657 rooms.  

The Legacy-Huazhu business opened 569 new hotels and closed 148 during the quarter.  

The average daily room rate (ADR) for Legacy-Huazhu was 280 yuan, slightly up from 277 yuan in Q1 2023, while the blended revenue per available room (RevPAR) increased to 216 yuan from 210 yuan.  

The company’s pipeline as of the end of March 2024 included 3,172 unopened hotels, with the majority from the Legacy-Huazhu business.  

The Legacy-DH segment maintained an ADR of €104 ($113), consistent with the previous year, and saw a blended RevPAR increase to €58 from €55. 

In terms of cash flow, H World reported an operating cash inflow of 886m yuan, an investing cash inflow of 348m yuan, and a financing cash outflow of 2.3bn yuan in Q1 2024. 

H World CEO Jin Hui said: “Looking ahead, the near-term RevPAR performance might see some fluctuations due to strong pent-up demand last year. However, our confidence in the long-term growth of China’s lodging marketplace remains unchanged.”