The only way is up for MR DIY Group

our view is that with the benefit of the vaccines which are starting to rollout and a better understanding on how to protect ourselves with the standard operating procedures, we are certainly in a better position than we were in at March 2020, ” its chief executive officer Adrian Ong told StarBiz.

PETALING JAYA: MR DIY. Group (M) Bhd believes that the worst is over for its operations following the various disruptions it had to endure last year and recently due to the Covid-19 pandemic and corresponding movement control orders (MCOs) that have been imposed.

“We know that there are continued uncertainties with the Covid-19.

“But our view is that with the benefit of the vaccines which are starting to rollout and a better understanding on how to protect ourselves with the standard operating procedures, we are certainly in a better position than we were in at March 2020, ” its chief executive officer Adrian Ong told StarBiz.

“Then, I recall it was very devastating. By and large we have seen some of the worst of it already and largely know what to expect. Going forward, we are optimistic, ” Ong added.

He said that restrictions on travel and movement had a moderate impact on in-store traffic as its network of 700+ stores, nationwide presence and broad range of products provided customers the convenience and proximity they needed to procure their everyday essentials.

“This was complemented by our always-on e-commerce platform, which saw strong increases in visits this past year. All these helped our brand stay resilient and mitigated the impact of the subdued retail environment, resulting in our satisfactory performance, ” he said.

MR DIY yesterday reported its net profit for the fourth quarter of financial year (FY) ended Dec 31,2020, rose by 19.12% to RM108.27mil compared to RM90.89mil in the corresponding quarter a year ago.

Revenue for the quarter grew to RM768.33mil from RM617.13mil in the previous corresponding quarter, and basic earnings per share for the quarter rose to 1.72 sen from 1.45 sen.

It declared an interim dividend of 0.7 sen in accordance to its policy of paying quarterly dividends.

The company said in its press release that the encouraging fourth quarter results come on the back of higher average monthly sales per store as well as positive sales contribution from its new stores.

For FY20, the company registered revenue and net profit of RM2.56bil and RM337.2mil, representing an increase of 13% and 6%, respectively, from FY19.

Meanwhile, Ong said he believes with the product offerings that MR DIY. has at the moment that the company was well positioned to capture more growth ahead.

For FY21, the company is expecting to add 175 stores, of which 100 are MR DIY stores, 50 MR DOLLAR stores and 25 MR TOY stores.

“We have been a growth company and we seek to continue to grow this business from the 141 stores net added last year (opening 149 and closing 8).

“The focus this year is to continue to do the same. From our perspective we are optimistic on the future, ” Ong said.

He said growth is projected to be strong in the market segment that it operates in for home improvement products.

As at the end of last year, the company said it had a total of 734 stores comprising 683 MR DIY, 37 MR TOY and 14 MR DOLLAR stores, up from the 579 MR DIY. and 14 MR TOY stores as at the end of 2019.