KUALA LUMPUR, Sept 2 (Bernama) -- Net profit of 99 Speed Mart Retail Holdings Bhd for the second quarter ended June 30, 2024 (2Q 2024) jumped to RM125.53 million from RM75.48 million in 2Q 2023.
The higher net profit was driven by improved sales contribution, achievement of better discounts and other operating income rates from the suppliers, said the home-grown mini market chain retailer in a Bursa Malaysia filing today.
Revenue also improved by 8.2 per cent to RM2.41 billion from RM2.23 billion previously, primarily attributed to the positive contributions from outlet expansion.
“The group had a net addition of 59 outlets, bringing a total outlet of 2,646 as at June 30, 2024.
“There was also a positive impact from the bulk sales e-commerce platform that was officially launched in December 2023, which has contributed to an incremental revenue of approximately RM2.6 million to the group in 2Q 2024,” said 99 Speed Mart.
Correspondingly, total sales transactions rose by 12.9 per cent to 113.8 million transactions in the quarter under review versus 2Q 2023.
In a separate filing, 99 Holdings’ founder and chief executive officer Lee Thiam Wah said the robust results have reflected the resilience of its business model.
“Our strong financial performance underscores our commitment to providing greater convenience and value to our customers.
“Our upcoming listing on the Main Market of Bursa Securities represents a pivotal milestone for the company as we continue to drive sustainable growth and deliver long-term value for our stakeholders,” he said.
Lee expressed excitement about the new opportunities the listing will unlock, which will enable them to accelerate their growth trajectory.
“Proceeds from the listing will be strategically utilised to expand our market presence and solidify our market-leading position in the mini-market industry in Malaysia,” he added.
The listing on the Main Market of Bursa Securities is scheduled to be on Sept 9, 2024, with a market capitalisation of approximately RM13.9 billion based on the final retail price of RM1.65 and its enlarged share capital of 8.4 billion shares upon listing.
-- BERNAMA
