Trip.com Group has reported outbound hotel and air ticket bookings have recovered to more than 120% of pre-COVID level in the fourth quarter of 2024 compared to the same period in 2019.
The China-based online travel agency said air ticket and hotel bookings on its international online travel agency Trip.com were up 70% year over year in Q4 while inbound travel bookings increased more than 100% year over year.
Trip.com Group reported Q4 net revenue of $1.7 billion, up 23% year over year while net income was $300 million, up from approximately $179 million compared to the same period of 2023.
Net revenue for the full year was up 20% to $7.3 billion with net income for 2024 hitting $2.4 billion, up from approximately $1.4 billion in 2023.
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Adjusted EBITDA for the quarter came in at $408 million, a slight improvement year over year, while full-year adjusted EBITDA was $2.3 billion, up 22% on 2023.
"The travel market has shown remarkable resilience in 2024, driven by travelers' growing desire for exploration and cultural experiences," said James Liang, executive chairman of Trip.com Group.
"We are committed to investing in AI and promoting inbound travel to foster innovation and enhance the overall travel experience. We anticipate another year of growth and success within the industry."
Liang said the company's AI travel assistant TripGenie saw a 200% increase in traffic in 2024 while browsing time was up almost 100% and the total number of conversations increased 200%. TripGenie was unveiled in July 2023.
Accommodation reservation revenue was up 33% to $709 million in Q4 while accommodation revenue for the full year increased 25% to $3 billion. The OTA's accommodation revenue accounted for 40% of the company's total revenue in 2024.
Transportation ticketing revenue for Q4 hit $655 million, a 16% increase year over year while full year revenue for the business unit increased 10% to $2.8 billion. Transportation ticketing revenue was 38% of total revenue in 2024, down three percentage points on 2023.
Packaged-tour revenue the quarter rose 24% to $119 million and reached $594 million for full-year 2024, an increase of 38% on 2023. Revenue from packages accounted for 8% of total revenue, up from 7% in 2023.
Revenue for the corporate travel business unit increased 11% to $96 million and was up 11% to $343 million for the full year.
Trip.com Group reported a 45% increase to $462 million for sales and marketing expenses in Q4, attributed to an increase in promotional activities. Sales and marketing expenses as a percentage of net revenue were 26% in the quarter. The OTA invested $1.6 billion in marketing across 2024, up 29% year over year.