Harrods pays USD188m in profit to Qatar Holding
02 Nov 2014
(MENAFN) Harrods, the London-based department store, announced it has paid USD188.71 in profits to its owners, Qatar Holding due to the department store registering a rise in sales and profits, The Peninsula Qatar reported.
Harrods, which registered an increase in its revenue by 10 percent to USD134.33 million in the year to February 1, 2014, as well as a growth both in sales and profits, paid a dividend of USD188 million to Qatar Holding, which is almost double compared to USD108.74 million Harrods paid last year.
The famous shop is currently owned by Qatar Holding, the foreign investment arm of Qatar Investment Authority (QIA), which acquired the luxury department store for USD2.39 billion in 2010 from Mohamed Al Fayed.
Since it acquired Harrods, Qatar Holding has invested millions in revamping the store, and the increase in sales registered this year suggests that spending by wealthy international tourists remains strong.
Harrods Group Holding Limited, the UK parent company, said that they have invested USD95.79 million during the year, not just on its flagship store but also in concessions in airports and the company is expected to continue its investments on these stores during next year.