MR D.I.Y. 2Q Net Profit Rises To RM155.21 Mln

KUALA LUMPUR, Aug 13 (Bernama) -- MR D.I.Y. Group (M) Bhd’s net profit rose to RM155.21 million in the second quarter ended June 30, 2024 (2Q 2024) from RM150.32 million in the same period last year, in line with higher revenue and gross profit, but partially offset by higher other operating expenses.

Revenue for the current quarter rose by 8.8 per cent to RM1.19 billion from RM1.09 billion previously, primarily driven by positive contributions from new stores, it said in a Bursa Malaysia filing today. 

“During the quarter, the group opened 42 net new stores, bringing the total store count as of the first half of 2024 to 1,340 stores, which marked an increase of 14.7 per cent year-on-year (y-o-y) compared to the corresponding period in the previous year. 

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“The higher revenue led to a seven per cent y-o-y increase in gross profit to RM544.7 million. Gross profit margin for 2Q remained stable at 45.5 per cent versus the corresponding period in 2023, following the normalisation of supply chain issues and freight costs,” it said.

On prospects, MR D.I.Y. said the group remains focused on growing revenue and earnings sustainably while delivering long-term growth and value to stakeholders.

In the current quarter, the group made a strategic investment in the KKV retail chain, which is expected to deliver future earnings growth by attracting a broader customer base and enhancing its retail offering.

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“The group also remains on track to strategically open at least 180 new stores and is optimistic about its growth prospects given the improving consumer sentiment and business environment,” it said. 

The group declared an interim single-tier dividend of 12 sen per ordinary share, approximately RM113.4 million in respect of the financial year ending Dec 31 2024, to be paid on Sept 13, 2024.

In a separate statement, Malaysia’s largest home improvement retailer said the group is set to make a record 73.1 per cent dividend payout ratio for 2Q, up to 50.2 per cent y-o-y and higher 2Q revenue.

According to MR D.I.Y., the dividend is the highest payout recorded by the group since its initial public offering in 2020.

Its chief executive officer Adrian Ong said the record dividend payout reflects the group’s appreciation to its shareholders and confidence in growing its business. 

“We have been successful in our strategic efforts to steadily build a business that provides consistent and sustainable returns to shareholders, and our track record for dividend payouts since our listing in 2020 reflects this.

“The board was of the view that our shareholders should be rewarded for their steadfast loyalty to the business despite the challenges that continue to beset the Malaysian retail market,” he said.

-- BERNAMA