CTG Duty-Free Q1 Operating Revenue Up 24% to $3 Billion

Chaileedo Press
May 4, 2023
2 min read

CTG Duty-Free released its Q1 2023 financial report. In the first quarter of 2023, the company achieved operating revenue of 207.69 billion yuan ($3 billion), with an increase of 23.76% compared to 2022 Q1.

China Tourism Group Duty Free Corporation Limited (CTG Duty-Free) released its Q1 2023 financial report. In the first quarter of 2023, the company achieved operating revenue of 207.69 billion yuan ($3 billion), with an increase of 23.76% compared to 2022 Q1. The net profit attributable to the shareholders of the company was 23 billion yuan ($332.6 million), a decrease of 10.25% compared to the same period last year.

CTG Duty-Free said the Company has seized the opportunities arising from the full recovery of consumption and the relaxation of entry and exit policies, adhered to the concept of “trusted business operation and excellent services”, continuously optimised goods supply and improved service quality, and took multiple measures to release the potential of duty-free consumption, so as to provide consumers with more convenient and high-quality duty-free shopping services.

Starting from April 1, CTG Duty-Free has introduced a new policy on delivery methods, which includes "delivery upon guarantee" and "delivery upon purchase". This policy aims to offer more convenient and diverse options for shopping passengers, in order to meet their immediate shopping requirements and enhance their overall duty-free shopping experience. Additionally, this policy will assist the Company in reducing logistics costs, as well as easing the burden on offshore pick-up points.

According to CTG Duty-Free 2022 annual report, the company recorded a revenue of 54.433 billion yuan ($7.87 billion), a year-on-year decrease of 19.57%.

CTG Duty-Free provides a wide range of duty-free and duty-paid products to customers in various locations, including Mainland China, Hong Kong, Macau, and Cambodia, through its travel retail business. This particular segment of the company focuses on the sale of duty-free and duty-paid merchandise, as well as the income generated from the provision of associated services.