China Tourism Group Duty Free Sees First Half Revenue Rise 84%

China Tourism Group Duty Free (CTGDF), which last year became the world’s largest travel retailer, posted an 84 percent year-on-year increase in first-half revenues to 35.53 billion yuan ($5.5 billion), per The Moodie Davitt Report.

Of that total, 70.6 percent was generated by China Duty Free Group’s store in Haitang Bay, Sanya, where sales grew by 210 percent year-on-year to 18.53 billion.

Second quarter revenues rose 49 percent on the year, to 17.93 billion ($2.6 billion), and earnings before interest and taxes (EBIT) increased by 592 percent, compared with the same period to 8.45 billion yuan ($1.3 billion).

This said, third quarter results are likely to be impacted by China’s Covid-19 Delta variant outbreak, which began in late July and disrupted summer holiday plans for many domestic travellers.

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