IHG Reports Strong Financial Performance for 2023

Wednesday, February 21, 2024

InterContinental Hotels Group (IHG) has released its full-year results for 2023, showcasing impressive growth in revenue and profit across its global operations. The company reported a total revenue of $4.624 billion, marking a 19% increase compared to the previous year. Operating profit surged to $1.066 billion, a remarkable 70% rise from 2022 figures. Basic earnings per share (EPS) also saw a significant boost, reaching 443.8¢, up by 114% from the previous year.

The robust performance can be attributed to strong trading dynamics, with global Revenue per Available Room (RevPAR) climbing by 16.1% year-on-year. Notably, IHG experienced substantial growth in the Americas, EMEAA, and Greater China regions, driven by varying levels of travel restrictions and improving market conditions. The company witnessed a surge in average daily rates and occupancy rates compared to both 2022 and pre-pandemic 2019 levels.

IHG’s strategic focus on expanding its portfolio and global footprint remained evident, with the opening of 275 hotels and the signing of 556 hotels into its pipeline during 2023. Adjusted for the inclusion of Iberostar hotels, the fourth quarter saw a remarkable 27% year-on-year increase in hotel openings and a 50% surge in signings, indicating robust development activity.

Elie Maalouf, CEO of IHG Hotels & Resorts, expressed gratitude to the teams for delivering exceptional results amidst challenging market conditions. Maalouf highlighted the initiation of an $800 million share buyback program, in addition to ordinary dividends, to return over $1 billion to shareholders in 2024.

Looking ahead, IHG remains committed to driving sustainable growth and enhancing shareholder value through high single-digit percentage growth in fee revenue, continued investment in growth initiatives, and maintaining a strong dividend policy.

In summary, IHG’s 2023 performance reflects its resilience and adaptability in navigating through uncertainties, positioning the company for continued success in the dynamic hospitality landscape.

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