LONDON, United Kingdom, Aug 8 – InterContinental Hotels Group on Tuesday said net profit more than doubled in the first half on higher revenue and demand, especially after China ended strict Covid lockdowns.
Profit after tax grew to $459 million in the six months to the end of June from $216 million in the first half of last year, IHG said in an earnings statement.
The hotels group, which also includes Crowne Plaza and Holiday Inn brands, added that revenue jumped almost one quarter to $2.2 billion.
“Our teams have delivered strong results in the first half, with financial performance, hotel openings and signings all significantly above prior year comparisons,” said new chief executive Elie Maalouf, who took over from Keith Barr last month.
He added that leisure demand was “buoyant” and business travel had strengthened across much of the globe, “while in Greater China, demand has rebounded rapidly”.
Shares in IHG rose one percent in early London trading following the update.
