TUI returns to profit for the first time since the pandemic

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THE world number one in tourism TUI declared in the process of carrying out a very good” summer seasonbringing its activities closer to their pre-pandemic level.

For the current summer, reservations are at 95% of the level of summer 2019, before the Covid-19 pandemic which led to two years of crisis for the German tour operator. The level of reservations is 6% higher than last year with average prices up 7% compared to last year and 26% compared to 2019. TUI expects 12.5 million customers for the the whole of the summer after recording 5.5 million from April to June, against 5.1 million last year over the same period.

Given the level of bookings, the German tour operator confirmed its forecast for adjusted operating profit “significantly higherthis year than last. Between April and June, the third quarter of its staggered fiscal year, it returned to positive adjusted operating income, the first for this period since the pandemic. This profit amounted to 169 million euros against a loss of 27 million in the third quarter last year. Net profit group share is also in the green at 22.7 million against a loss of 357 million last year. Turnover is up 19% to 5.3 billion euros.

Parent company of the European companies TUIfly and TUI Airways, TUI had experienced record losses in 2020 and 2021, weighed down by the Covid-19 pandemic which virtually stopped its activities for several months and led the German State to grant it up to 4.3 billion euros in aid. Thanks to several capital increases, the tour operator was able to fully repay this aid at the end of April.

John Walker Avatar