March 2, 2024

Taylor Daily Press

Complete News World

TUI Travel Group had a record year  Economy

TUI Travel Group had a record year Economy

The TUI travel range achieved record sales last year. After the Corona crisis ended, the German holiday provider benefited from the recovery in tourism. This also resulted in a net profit after years of losses.

TUI’s holidays, cruises and air travel generated sales of $20.7 billion in the financial year to September. This is almost a quarter more than the previous year and a higher sales volume than last year before the Corona crisis. A total of 19.1 million people have booked a trip or outing through TUI.

Hotel, resort and cruise bookings were particularly good for profits. But CEO Sebastian Eppel points out that the tour operator segment, that is, the part that offers package tours, must become more profitable.

Operating profit, the result before taxes and interest payments, amounted to €999.3 million in the last financial year. This is more than three times the result of the previous financial year. Net profit amounted to 455.7 million euros, compared to a loss of 212.6 million euros in fiscal year 2022.

TUI expects another significant increase in sales volumes and profits next year. The company is counting, among other things, on good booking numbers for this winter season, which are 11 percent higher than last year.

During the Corona crisis, TUI was still facing difficult times. The group announced in 2020 that it would eliminate thousands of jobs. The company has also received billions of dollars in German government aid, including in the form of loans from the Economic Recovery Fund. Thanks to the improved results, TUI was able to reduce debt by €1.3 billion this year.

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