ANN/THE STAR – MR DIY Group Bhd’s growing store network means that it is becoming increasingly accessible to the Malaysian market as their number one choice for everyday items. As such, the group aims to meet the rising demand for essential products during inflation and rising living costs and is confident that it can, according Chief Executive Officer Adrian Ong.
Ong added that they plan to open 180 new stores in 2024 and surpass 2,000 stores by 2028, hopefully cementing the group’s position as the largest home improvement retailer in the country.
In the fourth quarter ended December 31, 2023 (4Q23) the home improvement retailer posted a higher net profit of MYR158.6 million compared with MYR136.08 million in the same corresponding quarter last year, partially lifted by the absence of a one-off prosperity corporate tax of MYR10.2 million last year.
Revenue rose 7.6 per cent to MYR1.1 billion against MYR1.06billion last year, driven by a 16.8 per cent growth in new stores. Transaction volume increased 16.7 per cent in tandem, as the company continued to strategically expand its store network across its core brands from 1,080 stores in FYE2022 to 1,255 stores as of December 31, 2023.
MR DIY said its gross profit (GP) margin for 4Q23 rose 2.1 percentage points year-on-year to 45.8 per cent.
For the full year, it posted a net profit of MYR560.7 million, up 18.5 per cent from MYR472.9 million while revenue expanded 9.4 per cent to MYR4.36 billion against MYR3.98 billion in FY22.
