Europe's largest tour operator TUI beat profit expectations with its latest financial results for the third quarter on Wednesday.
ADVERTISEMENTTUI's profit for the third quarter was lifted by strong summer travel demand and a resurgence in packaged holidays. The tour operator also received a boost following the bankruptcy of its German rival, FTI.
On Wednesday, the group posted underlying earnings before interest and tax (EBIT) for the April-June quarter of €232m, up 37% from €169m a year earlier.
TUI also confirmed again its full-year 2024 guidance, projecting at least a 10% increase in revenue and a 25% rise in underlying EBIT.
"For the eighth consecutive time, we are reporting double-digit growth in underlying EBIT. In a market environment that remains challenging, this also demonstrates the strength and future viability of our business model. We are growing profitably and are delivering what we have announced," Sebastian Ebel, TUI Group CEO, said in a press release.
Ebel also noted TUI is growing its customer base and said it wants to open up new markets in Asia and America.
"TUI is expanding its global presence and is therefore less dependent on vacation periods in Northern, Western, and Central Europe. We are a developer, investor and operator in the destinations, which makes us very different from our competitors. The transformation is in full swing: We are expanding our product portfolio and pushing ahead with digitalisation," Ebel added.
