New store contributions drive MR DIYs earnings to RM12395mil in
New store contributions drive MR DIYs earnings to RM12395mil in

New store contributions drive MR DIY’s earnings to RM123.95mil in 3Q

KUALA LUMPUR: MR DIY Group (M) Bhd remains “comfortably optimistic” over its growth prospects given the current business environment.

The home improvement retailer said it remains focused on the strategic expansion of its store network, optimising revenue per square foot and operational efficiency, which is key to drive financial performance and enhancing shareholder value.

“To this end, we are simultaneously exploring several key initiatives, including the launch of new brands to capitalise on growth opportunities, as well as potential horizontal and vertical acquisitions to boost operational synergies, ensure future growth visibility and safeguard our supply chain.

“Warehouse automation, a project we started several years ago, is also a priority to enhance cost optimisation,” said CEO Adrian Ong in a statement.

In the third quarter ended Sept 30, 2023, MR DIY registered a net profit of RM123.95mil, up from RM101.18mil in the same quarter in 2022, representing a higher earnings per share of 1.31 sen from 1.07 sen previously.

The group’s revenue rose to RM1.07bil in 3QFY23 from RM966.17mil in 3QFY22, driven primarily by positive contributions from new stores.

The board of directors declared a interim dividend of 0.8 sen per share to be paid on Dec 22, 2023, to shareholders on the record of depositors on Dec 4, 2023.

For the quarter under review, MR DIY said the store’s network grew 16.4% year-on-year (y-o-y) in the same period from 1,038 stores to 1208.

The total transactions increased 16.3% y-o-y from 35.8 million a year ago to 41.6 million in 3QFY23.

The average basket size, however, shrank 5.1% y-o-y mainly due to weaker consumer sentiment.

For the nine months period, the net profit of the company was RM402.04mil, up from RM336.87mil while revenue grew to RM3.21bil from RM2.92bil in 9MFY22.

Sila Baca Juga

Tesla colour wraps may save the Cybertruck

Tesla colour wraps may save the Cybertruck

NEW YORK: Tesla Inc has designed its stainless-steel Cybertuck to be something special: the first …