Luxury department store Harrods has paid £117.6 million to its Qatari owners after record profits.
The pay out to sovereign wealth fund Qatar Holding, which bought the store for £1.5 billion from former Fulham owner Mohamed Fayed in 2010, is almost twice as big as the £68.6 million paid out the previous year.
The Knightsbridge department store posted a 24% rise in pre-tax profits to £115 million during the year to February 1, according to its accounts.
Harrods’ sales rose 10% to £843 million in the year as the famous green and gold store, which is a key destination for wealthy foreign tourists, attracted more custom.
The business invested £59.9 million during the year on the west London store and airport stores, which already include shops in Heathrow, Gatwick and Hong Kong.
Harrods said: “This year focus continued on investing in luxury boutiques primarily in our Knightsbridge store but also at the airports. This level of capital expenditure is expected to continue in 2014.”
