PETALING JAYA: Mr DIY Group (M) Bhd, whose net profit jumped 29.9% to RM297.28 million in the first nine months of 2021, said while it was impacted by the closure of stores due to Covid-19 restrictions in the short term, its longer term performance continued to show steady growth, driven by new stores.
“Also encouraging to note was that the number of transactions and the average basket size had both increased following the normalisation of store operations,” CEO Adrian Ong (pix) said in a statement today.
Mr DIY’s net profit for its third quarter ended Sept 30, 2021 fell 20.4% to RM90.35 million from RM113.45 million recorded in the same quarter of the previous year, mainly due to store closures related to Covid-19 restrictions and the enhanced movement control orders in selected locations nationwide.
Revenue for the quarter went up 3.8% to RM768.02 million from RM740.23 million previously, mainly attributed to positive contributions from new stores.
For the nine-month period ended Sept 30, 2021, the group’s net profit increased 29.9% to RM297.28 million from RM228.9 million in the same period of the previous year. Revenue for the period rose 33.9% to RM2.4 billion from RM1.79 billion previously.
The group declared an interim single tier dividend of 0.65 sen per share amounting to RM40.8 million, which will be paid out on Dec 23, 2021.
Mr DIY said the economic reopening in August 2021 has provided strong upward revenue momentum from a low in June 2021, supported by an improvement in overall domestic demand.
As economic activity has largely returned to normality post-September 2021, Mr DIY remains confident of its ability to deliver sustainable growth, premised on its strength and new store growth progress, which remains a core growth strategy and remains intact for immediate future and medium to long term.
“Moving forward, we will continue to focus on improving cost efficiencies, managing our supply chain efficiently, and employing stringent data discipline to ensure the continued relevance of our products,” Ong said.
