Harrods’ Qatari Owners Take £180-Million Dividend As Sales Soar

Department store Harrods distributed £180 million in dividends to its Qatari owners for the second consecutive year after defying a downturn in luxury spending.

Harrods’ operating profits rose slightly from £158.4 million to £162.9 million.

The Knightsbridge retailer, owned by the state of Qatar via its sovereign wealth fund, the Qatar Investment Authority (QIA), since 2010, reported an increase in both sales and operating profits for the year, The Telegraph reported.

Recently filed accounts with Companies House for the year ending in February showed the owners received a £180 million payout.

Harrods posted a turnover increase of 8%, reaching a record high of £898.4 million.

This growth occurred despite challenges faced by rival department stores such as John Lewis and Harvey Nichols, which are struggling due to changing shopping behaviors and tightening consumer budgets in the luxury market.

Harrods’ operating profits rose slightly from £158.4 million to £162.9 million. The retailer also expanded its workforce by over 700 employees, bringing the total number to 4,550 by the end of the year.