InterContinental Hotels Group (IHG) said the group's total revenue rose 52% in the first half of 2022 and operating profit were up by 162% year-on-year.
RevPARs for the first half and the second quarter were still down by 10.5% and 4.5% from last year. RevPAR for the Greater China area were still down by 48.9%. Operating profit for January-June in Greater China was USD 500 million, down by nearly 84% from last year.
The company's CEO Keith Barr said during the conference call that Greater China had a tough start to the year as COVID restrictions were tightened. "We've seen these bumps before. And pleasingly, we've seen improvement in trading in May and June, and this has continued in July."
IHG is targeting to grow system size by 4% this year, but CFO Paul Edgecliffe-Johnson said that with the first half at only 3% it has become more challenging.