KUALA LUMPUR, Nov 8 (Bernama) -- Mr D.I.Y Group (M) Bhd’s net profit rose 12 per cent to RM101.18 million in the third quarter ended Sept 30, 2022 (Q3 2022) from RM90.35 million in the same period last year.
Revenue also soared 25.8 per cent to RM966.17 million from RM768.02 million, previously, due to positive same-store sales growth and increase in the total number of stores.
In a filing with Bursa Malaysia, the company said its store network grew 23.4 per cent in Q3 2022, from 841 to 1,038 stores, leading to a corresponding 40.1 per cent year-on-year increase in total transactions to 35.8 million.
“The increase also reflects the impact of lockdown measures in Q3 2021 that led to a temporary closure of some stores and lower overall traffic,” it said.
In a separate statement, chief executive officer Adrian Ong said the quarter saw strong revenue growth and higher transaction volume, reflective of the resilience of the business during this period of continued inflation and economic uncertainty.
“The implementation of the higher minimum wage policy has and will continue to impact our operating expenses, but we are confident that we will be able to mitigate this with continued growth in revenue,” he said.
On prospects, MR D.I.Y said it remains confident of its ability to deliver long-term sustainable growth premised on the underlying strength of the business, strong unit economics of flagship MR D.I.Y stores, and the progress it is making on new store growth.
“The group’s target for 2023 is to continue to open at least 180 new stores across all three brands (namely MR. D.I.Y, MR TOY and MR DOLLAR),” it said.
MR D.I.Y also announced an interim single-tier dividend of RM0.005 per ordinary share for financial year ending Dec 31, 2022, with payment to be made on Dec 21, 2022.
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