Before the US stock market on Wednesday, Tuniu announced financial results for the fourth quarter.
The Zhitong Finance App learned that before the US stock market on Wednesday, TOUR.US (TOUR.US) announced financial results for the fourth quarter of 2023. According to the data, the company's Q4 revenue was 99.9 million yuan (RMB, same below), an increase of 265.8% over the previous year. This increase is mainly due to the growth in the group travel business as the travel market recovers. The net loss was 132.9 million yuan, compared with a net loss of 9.3 million yuan for the same period last year. Net profit attributable to the company's shareholders under non-GAAP was 6.2 million yuan.
According to business division, the revenue of the group tour business was 73.4 million yuan, a sharp increase of 1377.1% over the same period last year. Gross profit was 74.6 million yuan, a year-on-year increase of 511.7%.
In terms of annual results, the company's revenue reached 441.3 million yuan, up 140.3% year on year; the group tour business revenue was 333.4 million yuan, up 374.1% year on year. Gross profit was $293.7 million, up 227.9% year over year. Net loss was $101.1 million, and net profit attributable to the company's shareholders under non-GAAP was $52.6 million.
Mr. Yu Dunde, founder, chairman and CEO of Tuniu, said: “In 2023, a strong recovery in the travel market helped Tuniu achieve strong performance throughout the year. In the fourth quarter, our net revenue increased 265.8% year over year, while tour group revenue increased 1377.1%. Tuniu has long been committed to providing high-quality products and services, and has become a trustworthy brand in the vacation industry. We are pleased to announce that the company achieved its first full year non-GAAP profit since the COVID-19 pandemic, which reflects the progress of our business. This shows the effectiveness of the strict cost control measures we have implemented. In 2024, we will continue to seize the opportunities brought by market recovery, use Tuniu's core strengths, improve performance, and continue to show the market our growth potential and profitability.”
As of December 31, 2023, the company had $1.2 billion ($171.8 million) in cash and cash equivalents, restricted cash, and short-term investments.
Additionally, in March 2024, the company's board of directors authorized a share repurchase program under which the company can repurchase up to $10 million worth of common stock or American Depositary Shares representing common stock.
Looking ahead, Tuniu expects net revenue for the first quarter of 2024 to be 101.1 million yuan to 107.4 million yuan, an increase of 60% to 70% over the same period in 2023.