Aer Rianta International (ARI) has announced double-digit growth for 2024 as the retailer posted a 13% increase in revenue, and turnover of €1.4bn.
Growing passenger volumes and average spend across all markets underpinned the company’s growth, with ARI reporting increases across all markets.
The last year has been one of change for ARI, with a “robust” performance from its operations in Dublin and Cork airports, which were rebranded from The Loop to Dublin Airport Duty Free and Cork Airport Duty Free, to reflect the company’s focus on crafting an offer for the local market.
ARI CEO Ray Hernan said: “2024 delivered another 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 of 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, and we look forward to continuing to develop our relationships and deliver sustained growth for all parties.”
In its second full year of operation, ARI’s Portugal Duty Free business delivered results “ahead of plan”, according to the retailer, with new stores unveiled at Lisbon, Faro and Madeira airports. A refurbishment at Porto International Airport is due to be completed later this year.
North America delivered “solid” growth for ARI, with a refurbishment at YUL Montréal-Trudeau International Airport set for later this year, and a new operation at Edmonton Duty Free secured.
“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”, Hernan continued.
In Cyprus, ARI’s operations at Larnaca and Paphos airports delivered significant growth, hitting turnover if €100m thanks to a strong peak season. The company’s joint-venture at Delhi International Airport was another highlight, delivering record sales and growth in passenger spend driven by the Beauty sector and local offer.
Our focus is on enhancing the passenger experience across our existing estate, while also pursuing new business opportunities across key markets
– Ray Hernan, ARI
Despite a “turbulent backdrop” in the Middle East, ARI Middle East (ARIME) delivered a solid result in Riyadh, while the retailer’s Abu Dhabi store provided “strong results” and won Best New Store Opening at the 2024 Frontier Awards.
Hernan concluded: “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 – but it is what we do best,” he added.
