(Yicai) Feb. 26 -- Trip.Com Group’s shares rose after China’s biggest online travel agency said profit soared 72 percent last year because of the recovery in global tourism.

Trip.Com [HKG: 9961] finished 3.1 percent higher at HKD476.20 (USD61.27) a share in Hong Kong today. In pre-market trading in New York, the company’s stock [NASDAQ: TCOM] was up 6.5 percent at USD61 as of 4.04 a.m. local time, after plunging 11.4 percent yesterday.

Net profit was CNY17.1 billion (USD2.3 billion) in the 12 months ended Dec. 31, the Shanghai-based company said in an annual earnings report released yesterday. Revenue climbed 20 percent to CNY53.3 billion from the year before.

"The travel market has shown remarkable resilience in 2024, driven by travelers' growing desire for exploration and cultural experiences,” Executive Chairman James Liang said in a statement. “We are committed to investing in artificial intelligence and promoting inbound travel to foster innovation and enhance the overall travel experience.”

TripGenie, the company’s AI travel assistant, saw traffic triple last year, Liang said later on an earnings conference call, while “robust growth” in the firm’s international business resulted in the segment accounting for a 10th of annual revenue.

“China's inbound travel sector is emerging as a key driver of economic and cultural vibrancy,” Chief Executive Jane Sun said on the call. “The extension of the transit visa to 240 hours and the expansion of visa-free arrangements have led to a remarkable surge in international arrivals.

"Outbound hotel and air ticket bookings have recovered to more than 120 percent compared to 2019, consistently outperforming the industry by 30 percent to 40 percent,” Sun added.

In the fourth quarter of last year, net profit was CNY2.2 billion, up 69 percent from a year earlier. Revenue jumped 23 percent to CNY12.7 billion.

Overseas hotel and international flight bookings on the company’s Chinese platform exceeded 2019’s total by 20 percent in the final three months of 2024, while hotel and flight reservations on its international site surged by more than 70 percent from a year ago.

For both the fourth quarter and the full year, inbound travel bookings more than doubled on the previous year, with reservations from countries enjoying visa-free treatment to China up more than 150 percent, the company said.

Editor: Futura Costaglione