TUI Group has reported record revenues of €5.8bn in its fiscal year third quarter report on August 14, 2024, up 9% compared to the year prior. The markets & airlines revenues were up 8.5% to €5.04bn.
Underlying EBIT for the group was up 36.8% to €231.9 million. Its markets & airlines segment was up from €6.7 million in last year's third quarter, up to €16.5 million. It said customer demand ""remained resilient generating higher volumes at improved prices"" which had offset growing costs.
The group added that its markets & airlines bookings for the summer had strengthened and winter bookings are also ""promising"".
Short- and medium-haul destinations such as Greece, Turkiye, and the Balearics were the most popular destinations during the period. The northern and central regions of Europe are proving promising with revenues and underlying EBIT up in both regions. Though, underlying EBIT was a negative €18.8 million for the western region, which encompasses Belgium, France, and the Netherlands. The group said the negative result was driven by its introduction of new IT systems to the region as well some delays in MAX delivery from Boeing.
Group CEO Sebastian Ebel said in an earnings call these were ""one time effects and should not occur next year"". He added that the company is looking at potentially expanding beyond its core market in Europe to more long-haul travel packages. Ebel said it was looking to package holidays in Africa, Latin America and Asia with particular emphasis on African destinations.
TUI Group reports record quarterly earnings
