Tuesday, May 21, 2024 Trip.com reported a 26% profit surge in Q1, driven by increased travel demand. New visa policies and enhanced services contributed to its global market growth.
China’s premier travel platform, Trip.com, reported a 26% surge in net profits for the initial quarter, driven by a sharp rise in both local and international travel, according to company officials. The spotlight has been on inbound tourism at Trip.
com, boosted by China’s implementation of visa waivers and other strategies aimed at drawing global visitors. For the first quarter, Trip.com achieved a net profit of 4.
3 billion yuan (approximately US$597.2 million), up from 3.4 billion yuan the previous year.
The company’s revenues reached 11.9 billion yuan, marking a 29% increase from the prior year. China introduced a visa exemption early this year, eliminating the lengthy and expensive visa application process for numerous European travelers.
This policy has made it easier for visitors from almost a dozen European nations to discover China’s rich cultural heritage, diverse landscapes, and enticing cuisine. Revenue from hotel bookings was recorded at 4.5 billion yuan, while income from ticket sales for transportation amounted to 5 billion yuan, constituting major revenue streams for Trip.
com in the first quarter. Moreover, Trip.com’s international operations saw substantial growth, following enhancements to its global website, which now includes services in English and supports various int.
