Tui Norge with $1 billion in sales and passenger growth

The council blames the krone exchange rate, drought and forest fires, among other things.

Tui Norge's charter company had a turnover of more than NOK 2.6 billion in the financial year that ran from 1 October 2022 to over the summer – 31 September last year.

Although the company increased its turnover by approximately NOK 1.2 billion compared to the previous year, the operating result ended at negative NOK 57 million. In the previous year, operating profits ended at negative NOK 15.9 million.

This appears in the company's annual accounts.

Negative annual result

The council's annual report stated that the number of passengers increased by 71 percent, while at the same time Gross marginGross marginTotal profit divided by trading volume. It says something about how much money is left for the company after deducting costs. The percentage increased from 8.2% to 4.6%.

The biggest reason for the decline in gross margin was increased costs combined with lower prices and margins, weaker Norwegian grains, challenges from extreme heatwaves and drought in parts of Europe, as well as tougher overall financial conditions for most of our customers, the board wrote. In the annual report.

The pre-tax result rose from 50.2 million in 2022 to minus 41.8 million in the fiscal year that ended in late summer last year.

The annual result rose from plus 38 million to minus 38.7 million.

– Competition is still strong

This summer there were some Violent forest fires On the Greek island of Rhodes, which led to many charter companies having to cancel their trips to the holiday paradise.

Toy He also received criticism For her handling of the evacuation from hotels that were close to the burning inferno.

After the epidemic, many people went south with their saved money. The following year – 2023 – more expensive mortgages and higher food prices gobbled up much of the money saved.

However, there were signs that the Norwegians were moving toward the heat as well. This happened despite the fact that the Norwegian krone has sometimes been historically weak against the euro.

After a challenging year, the board of directors wrote in the annual report that the company still has the goal of “inclusive growth.”

– The Board of Directors expects continued strong competition in the market, and Tui is placing great emphasis on developing its own tourism products along with effective sales in digital channels.

He was transferred to Frankfurt

Tui Norge represents 23 percent of Tui Nordic's total revenue. Tui Nordic is part of the German Tui Group, which performed surprisingly well last quarter.

The company's turnover reached a record high of 4.3 billion euros, or approximately 48.7 billion Norwegian kroner. This represents an increase of 15 percent over the same period last year.

Last week, shareholders voted to delist the company from the London Stock Exchange, where 10% of shares are traded, to focus instead on the Frankfurt Stock Exchange.

The transfer will be completed by June 2024, he writes CH Aviation. The TUI Group has been dual-listed since 2014.

E24 has been in contact with Tui, which was unable to comment on the annual accounts on Friday due to the winter break.