ARI reports strong 2024 performance with +13% revenue growth and record profitability

IRELAND. ARI today reported a +13% year-on-year revenue increase in 2024, with managed turnover surpassing €1.4 billion, while delivering record profitability across multiple business units. 

The retailer has attributed the strong performance to increased passenger volumes and higher spend per passenger, with growth recorded in all key markets. 

ARI currently has direct or indirect interests in 14 countries across North America, Europe, Asia and the Middle East, including minority shareholdings in Düsseldorf Airport in Germany, and Larnaca and Paphos international airports in Cyprus. 

ARI CEO Ray Hernan said: “2024 delivered strong sales and profit performance for the business, further strengthening our balance sheet and providing the platform to seek new growth opportunities across our core markets in Europe, Middle East and North America.  

“As in 2023, several business units achieved historically high turnover and record levels of profitability, and this is largely due to the exceptional work of our teams across the global estate. 

“Our business is underpinned by the solid partnerships we have established with our airports and joint venture partners, and crucially too our brand partners.  

“As well as returning a healthy balance sheet, we also successfully negotiated contract extensions at a number of our operations throughout 2024. We look forward to continuing to develop our relationships and deliver sustained growth for all parties.” 

Retail operations in Ireland at Dublin and Cork airports remained robust for the business.  

In June 2024, ARI rebranded its stores from ‘The Loop’ to Dublin and Cork Airport Duty Free, reinforcing its sense of place strategy with tailored identities for each location.  

The retailer also began planning a full refurbishment of Terminal 1 retail at Dublin Airport, expected to commence later this year. 

Portugal Duty Free, which marked its second full operational year, continued to trade ahead of plan with sustained turnover growth.

As reported, new stores at Lisbon, Faro and Madeira airports were unveiled this spring, with refurbishment at Porto scheduled for completion in late 2025.

ARI noted that operations in Montenegro – at Tivat and Podgorica airports – remained profitable despite the impact of geopolitical conflicts on the passenger profile. 

ARI North America (ARINA) reported solid growth, with refurbishment of the main retail space at Montréal-Trudeau International Airport planned for later this year.  

ARINA expanded its operations in the region with Edmonton Duty Free opening in January 2024. Post refurbishment, the new stores were unveiled earlier this year. 

ARI Middle East (ARIME) – which includes operations in Bahrain, Cyprus, Lebanon, Oman, Saudi Arabia and the UAE – delivered positive results despite geopolitical uncertainty.  

In Riyadh, the domestic terminal store at King Khalid International Airport continued to perform well, while Muscat Duty Free benefited from enhanced liquor and tobacco allowances in the expanded arrivals store. 

TRSS Abu Dhabi celebrated its first anniversary in November 2024 and delivered positive results. The store was named ‘Best New Store Opening’ at the 2024 Frontier Awards.  

ARI noted: “We are pleased with performance and continue to enhance our retail proposition with the support of Zayed International Airport management.” 

Retail operations at Larnaca and Paphos airports in Cyprus exceeded €100 million in turnover, with healthy profit returns supported by peak season and extended ‘shoulder’ season. 

ARI concluded its Qatar operations in February 2024 following a decision by the state to bring domestic market liquor distribution in-house. The travel retailer retains a shareholding in Beirut Duty Free, where operations have been severely impacted by the tragic Israeli-Gaza conflict. 

In India, ARI’s joint venture at Delhi Indira Gandhi International Airport continued to deliver record sales in 2024. Growth in average spend was supported by an enhanced beauty assortment and a wider local product offering in the departures store. 

Hernan concluded: “We are keen to continue to build on the successful performance of the past few years for ARI.  

“Our focus is on enhancing the passenger experience across our existing estate, while also pursuing new business opportunities across key markets. We have the strategic vision and a superior retail proposition to deliver this growth.

“We have recently concluded major refurbishment works in our Portugal operations, and we are looking forward to seeing the impact of these new retail outlets on the business performance during what promises to be an even busier year for travel. 

“Redevelopment work is set to commence later this year at Dublin Airport Terminal 1 and at Montréal-Trudeau International Airport, and we are excited to bring these new projects to life. 

“Delivering on our brand expression, ‘Joy On Your Way’ continues to be a defining factor in how we do business, and it is important to our success.  

“We bring an energy to the industry that is unmatched, coupled with over 75 years of travel retail expertise, to continually push boundaries and raise the bar. 

“I am proud of the commitment and resilience of our teams across our global business units, who continue to grow in the face of challenging regional circumstances. 

“Remaining agile and adapting to the changing needs of passengers is crucial to our continued success – and it is what we do best.”