InterContinental Hotels Group (IHG) posted $459m profit for the period of the first half of 2023 (H1 2023), a surge of 112.5% from $216m in the prior year period, as its total revenue grew 24.1% year on-year to $2.23bn from $1.79bn.

The interim results for the year to 30 June 2023 saw the hospitality company record a pretax profit of $567m in H1 2023, an 89.6% increase from $299m posted a year prior.

The operating profit before exceptional items was $566m in H1 2023, an increase of 48.9% to $380m.

IHG reported operating profit of $584m in the latest period, an increase of 62% from $361m in H1 2022.

Region wise, the firm derived its highest revenues from Americas, which saw a growth of 14% to $537m, followed by EMEAA (Europe, Middle East & Africa, Asia) by 29.3% to $309m, Greater China by 105.6% to $74m and Central by 18.1% to $111m.

The reportable segments posted a revenue increase of 23% to $1.03bn in H1 2023, and operating profit growth of 27% to $479m.

In H1 2023, basic EPS was 265.3 cents and adjusted EPS was 182.7 cents as against 117.4 cents and 121.7 cents, respectively in H1 2022.

Revenue per available room (RevPar), which is considered an important metric for the hotel industry, grew 24% year-on-year in H1 2023, with RevPar in the Americas region increasing by 11%, EMEAA by 42% and Greater China by 94%.

The company also stated that since July 2022, group RevPar has exceeded the levels seen in each month of 2019.

It raised dividend by 10% to 48.3 cents. In 2023, the dividend payments will return close to $250m to the company’s shareholders.

IHG also revealed in the interim results that it would soon be launching a new brand targeting midscale conversion. According to the company, conversions represent a ‘major growth opportunity’, generating around 40% of first half openings and signings globally.

More than 100 hotels had already expressed a ‘definitive interest’ in the new brand, stated IHG.

IHG Hotels & Resorts CEO Elie Maalouf said: “Our teams have delivered strong results in the first half, with financial performance, hotel openings and signings all significantly above prior year comparisons.”