CHINA. China Tourism Group Duty Free Corporation (CTG) has achieved significant recognition in the ‘2024 Asia Pacific (ex-Japan) Executive Team’ rankings by Institutional Investor.
The financial magazine announced results on 18 June, following participation from nearly 6,000 global fund managers and analysts. CTG emerged as a leading performer in the consumer discretionary category, securing multiple awards.
It was named ‘Honored Company’ on both the Asia Pacific (ex-Japan) and Mainland China lists. In the ‘Company Board of Directors’ category, CTG ranked second in both regions. Additionally, it secured third place in ‘Overall ESG’ performance on the Mainland China list.
Institutional Investor is a leading financial media outlet, globally renowned for its high-quality selection criteria. The rankings are entirely determined by votes from professionals in the finance industry and are recognised as a global investment benchmark by overseas buyers and sellers.
This year, 1,669 listed companies and 2,595 executives from 18 industries participated in the selection process. Participants in the voting included 4,943 buy-side fund managers and 951 sell-side analysts.
The results reflect the global capital market’s recognition of CTG’s operational development, board performance and ESG practices.
{Click on the Youtube icon to watch this short film presented by The Moodie Davitt Report Founder & Chairman Martin Moodie on the China Tourism Group Duty Free Corporation stand at the Hainan Expo in April}
The company noted: “Since 2024, facing a complex and ever-changing market environment, we have closely aligned with established development strategies and business objectives while solidly carrying out various key tasks.”
In the first quarter of 2024, its profitability continued to recover with gross profit margin of its main business rising to 32.7%, an increase of nearly 4 percentage points year-on-year.
CTG has placed increased emphasis on shareholder returns, significantly raising the cash dividend ratio for the year 2023 to 50.85%, resulting in a cash dividend distribution of RMB3.414 billion (US$470.90 million).
Meanwhile, CTG is aiming for innovative, green and high-quality sustainable development. According to the report published by rating agency MSCI this month, the company’s ESG rating has improved from BBB to A.
CTG is focusing on enhancing its core competitiveness and sustainable development capabilities, implementing the principles of “doing business in good faith and providing quality services”. ✈
