PETALING JAYA: 99 Speed Mart Retail Holdings Bhd, Malaysia’s largest home-grown mini market chain, reported revenue of RM2.6 billion for the third quarter of financial year ending Dec 31, 2024 (Q3’24), an increase of 8.8% compared to Q3’23.
The company’s profit before tax (PBT) and profit after tax (PAT) stood at RM145.1 million and RM107.2 million respectively. Excluding one-off expenses, which include employees’ special bonus and statutory contributions as well as IPO listing expenses, the normalised PBT and PAT increased by 13% and 13.2% to RM168.3 million and RM126 million respectively.
The company’s total sales transactions rose by 11.9% year-on-year to 120.2 million. During the quarter, 99 Speed Mart expanded its reach by opening 51 more outlets.
For the cumulative nine months (9M’24), 99 Speed Mart recorded an 8.7% growth in revenue to RM7.4 billion. PBT and PAT were RM493.1 million and RM365.8 million respectively, which translated into increases of 24.9% and 24.6% compared to 9M’23. Excluding one-off expenses of RM24.5 million, normalised PBT and PAT were RM517.5 million and RM386 million, reflecting growth of 31% and 31.2% respectively.
99 Speed Mart founder and CEO Lee Thiam Wah said, “We are pleased to announce a strong set of financial results. Our commitment to expand our outlet network remains unwavering. In the first nine months alone, we have added 177 new outlets, bringing our total outlets to 2,697 as of Sept 30, 2024. This marks a significant step towards our target of 3,000 outlets by 2025.
“Our online bulk sales platform is also making promising contributions to the company. We have successfully expanded our bulk sales online platform to the northern region in November and we are actively expanding its coverage to serve a broader area.
“Guided by our core values, our growth strategy focuses on delivering affordable essentials and creating lasting value for our communities and stakeholders. With strategic growth initiatives underway, I am confident we will continue to drive sustainable and long-term success.”
