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Mr DIY Q2 net profit, revenue increase on higher total transactions, new stores

KUALA LUMPUR (BERNAMA) – Mr DIY Group (M) Bhd’s net profit in the second quarter ended June 30, 2022 (Q2) increased to MYR135.19 million from MYR82.13 million while revenue jumped 38 per cent year-on-year (y-o-y) to MYR1.05 billion from MYR759.8 million.

In a filing with Bursa Malaysia yesterday, the company attributed the higher net profit and revenue to the increase in total transactions which grew 35.0 per cent y-o-y to 36.1 million, as well as contributions from new stores, which increased 20.1 per cent y-o-y from 827 to 993.

“The higher revenue is also consistent with the nation entering the transition into the endemic phase from April 1 which led to the opening of more economic sectors, the gradual normalisation of consumer spending and the higher spending levels due to the festive season,” said the home improvement retailer.

It also said that the y-o-y increase also takes into account the temporary closure of some stores during the corresponding quarter last year.

The group reported basic earnings per share was higher at MYR1.43 compared with MYR0.87.

A newly-opened Mr DIY store. PHOTO: THE STAR

It also yesterday declared an interim single tier dividend of MYR0.006 per ordinary share or approximately MYR56.6 million in respect of the financial year ending December 31, 2022 to be paid on September 21, 2022 to shareholders of the company whose name appears in the Record of Depositors on August 25, 2022.

On prospects, the group remains cautiously optimistic on its prospects going forward and is cognisant of the impact inflation and rising interest rates have on disposable incomes.

“Moving forward, the market is going to be more sensitive to external impact; agility and responsiveness will be key tenets of management’s philosophy.

“We will continue to focus on our objective of delivering sustainable growth and long-term stakeholder value via our store expansion strategy while maintaining operational efficiencies and keeping costs at optimal levels,” it said.

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