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BUSINESS

MR D.I.Y. posts higher net profit of RM124.79 mln in 1Q21

03/05/2021 05:15 PM

KUALA LUMPUR, April 30 -- MR D.I.Y. Group (M) Bhd's net profit for the first quarter ended March 31, 2021 (1Q21) rose 113 per cent to RM124.79 million from RM58.46 million in 1Q20.

Revenue increased 63 per cent to RM870.2 million from RM534.09 million registered in the quarter under review a year ago.

The company attributed the performance to the higher average monthly sales per store due to the strong performance of its standalone stores, and lower sales during the comparative period last year due to the lockdown imposed from March 18 to March 31.

“The improved performance was also a result of positive contribution from new stores, where its store network increased by 25.5 per cent to 788 stores in 1Q21 from 628 stores in 1Q20,” MR D.I.Y. said in a filing with Bursa Malaysia today.

Chief executive officer Adrian Ong said the home improvement retail sector has weathered the COVID-19 pandemic and the results were its strongest quarterly performance to date.

“Our store network continues to grow, making our stores more and more accessible to consumers restricted by pandemic-related movement orders.

“Our breadth of products has expanded to about 18,000 stock-keeping unit (SKUs) today,” he said in a separate statement.

Ong also said the company plans to invest in growing its e-commerce platform and in managing efficiencies.

“These have been the cornerstones of our growth strategy which continue to deliver sound results,” he said.

MR D.I.Y.'s total transactions for the quarter rose 21.7 per cent to 29.9 million from 24.6 million.

The group’s store network grew by a net 54 stores across its three brands, comprising 30 new MR D.I.Y. stores, 22 new MR DOLLAR stores and two new MR TOY stores.

-- BERNAMA

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