PETALING JAYA: MR DIY Group (M) Bhd’s net profit for the third quarter ended Sept 30, 2022 (Q3’22) rose 12% to RM101.18 million from RM90.35 million a year ago, mainly due to higher revenue.
The home improvement network and one of the largest retail operators in the country reported revenue of RM966.17 million, marking a 26% year-on-year growth compared with the corresponding period in 2021 (Q3’21), largely driven by a 40% increase in transaction volume, which includes positive same-store growth as well as contributions from new outlets.
CEO Adrian Ong said the quarter saw strong revenue growth and higher transaction volume, reflecting 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 we will be able to mitigate this with continued growth in revenue,“ he said in a statement today.
For the nine-month period (9M’22), MR DIY registered a 13% higher net profit of RM336.87 million and 21% higher revenue of RM2.92 billion compared with the corresponding period in 2021.
“It is imperative that under the current operating environment, we remain focused on optimising inventory across our retail platform and achieving cost and operational efficiencies. To this end, we have identified several key initiatives which we will be exploring in the coming quarters, including optimising the product mix, a pricing review of some product ranges, as well as automation of some operations,” Ong said.
The group has declared a quarterly interim dividend of RM47.1 million for Q3’22. This represents a total cumulative dividend payout of RM147.7 million for 9M’22.
The group saw a net growth of 138 stores across its three brands – MR DIY, MR Toy and MR Dollar – in 9M’22, an increase of 15% from December 2021 with the majority being MR DIY stores. This brings the group’s total number of stores to 1,038 as at Sept 30, 2022. The group’s store expansion programme is on track, with at least 42 stores expected to be opened across all three brands in the fourth quarter of 2022.
MR DIY’s store expansion programme is on track, with at least 42 outlets expected to be opened across the group’s three brands in the current quarter.