Harrods’ Qatari owners paid themselves a £100.5m dividend after the retailer posted record profits in its last financial year.

Qatar’s sovereign wealth fund, which acquired the Knightsbridge department store in 2010 for £1.5bn, increased the annual pay-out by 342%.

However, managing director Michael Ward’s pay packet almost halved from £2.2m last year to £1.3m.

Pre-tax profit at the luxury department store jumped 15% to £125.3m in its year to January 28.

Harrods new watch emporium, which houses 35 designer brands, and a Room of Luxury, featuring designer handbags and accessories helped to bolster sales, which rose 11% to £651.7m.

The Qatari’s invested £107.8m into the business over the year – up from £32.2m – including on its new distribution centre and a new head office building in London.

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