CHINA. China Tourism Group Duty Free Corporation (CTG), parent company of China Duty Free Group – the world’s largest travel retailer by sales* – this week posted a slight +0.25% year-on-year increase in Q1 net profits to RMB2.306 billion (US$318,231,459).
Gross profit margin reached 33.31%, an encouraging increase of 4.31 percentage points year-on-year.
However, operating income fell -9.45% year-on-year to RMB18.807 billion (US$2.6 billion).
Basic earnings per share reached RMB1.1148, up +0.24% over the same period in 2023.
“The company has a steady improvement in profitability,” CTG commented. “The proportion of offline business continuously rebounded, and the sales structure constantly optimised.
“As mentioned in the company’s 2023 annual report, in 2024, CTG Duty Free will continue to firmly grasp the opportunities of the new development pattern.
“It will implement the 14th Five-Year Plan; continue to optimise the business layout and business structure; further promote reform and innovation and management service improvement; comprehensively accomplish various tasks; and promote the high-quality development of the company.” ✈
*Source: The Moodie Davitt Report Top Travel Retailers
