99 Speed Mart Net Profit Up 22.5 Pct To RM490.26 Mln For FY2024

KUALA LUMPUR, Feb 24 (Bernama) -- 99 Speed Mart Retail Holdings Bhd’s (99 Holdings) net profit increased by 22.5 per cent to RM490.26 million in the financial year ended Dec 31, 2024 (FY2024) against RM400.22 million in FY2023, in tandem with the higher revenue and other operating income.

Revenue expanded by 8.3 per cent to RM9.98 billion against RM9.21 billion previously, the home-grown mini market chain retailer said in a filing with Bursa Malaysia today.

It said 99 Holdings had opened 252 more outlets in FY2024, bringing the total outlet count as at Dec 31, 2024 to 2,778, representing a 10 per cent year-on-year growth, which positively contributed to the group's revenue.

“Apart from that, the bulk sales e-commerce platform also contributed approximately RM23.1 million of incremental revenue in FY2024 to the group,” it added.

The group reported a 12.6 per cent increase in total sales transactions to 465.5 million transactions in FY2024, partly offset by a 3.8 per cent decrease in average basket size to RM21.40, driven by more customers opting for smaller, frequent purchases due to the convenience provided by 99 Holdings, it said.

“Other operating income rose 22.4 per cent to RM814.8 million in FY2024, driven by higher distribution centre (DC) fees from suppliers due to an increase in DC fee rates, as well as higher product display fees following outlet expansion.

“Other income increased by 43.0 per cent to RM30.4 million mainly attributed to the interest income earned from the deposits placement using the initial public offering (IPO) proceeds as well as the sale income of recycled packaging waste,” it said.

In a separate filing, 99 Holdings founder and chief exeutive officer Lee Thiam Wah said 2024 has been a milestone year for the group, not only did the company successfully list, but it also exceeded its target by opening 252 outlets, surpassing the goal of 250 new outlets.

“Our expansion continues as we enter Sarawak, a new and promising market for the company, with our Miri distribution centre and outlets set to open in March 2025.

“Looking ahead, we remain focused on our strategic goals, including reaching 3,000 outlets by the end of 2025 and further expanding our bulk sales e-commerce platform, which has shown encouraging growth across multiple regions,” he said.

He added that with the proceeds from the IPO, 99 Holdings is well poised to accelerate its expansion and meet growing demand.

-- BERNAMA