MR. D.I.Y. chief executive officer Adrian Ong
KUALA LUMPUR: MR D.I.Y Group Bhd is confident of its prospects amid strong demand for essential products during inflation and rising living costs, according to chief executive officer Adrian Ong.
“Our growing store network makes us increasingly accessible to more Malaysians and underpins our role as their go-to retailer for everyday household items.
“Our plan in the near and mid-term are to open 180 new stores in 2024 and surpass 2,000 stores by 2028. This will further cement the group’s
position as the largest home improvement retailer in the country,” Ong said in a statement.
In the fourth quarter ended Dec 31, 2023 (4Q23), the home improvement retailer posted a higher net profit of RM158.6mil compared with RM136.08mil in the same corresponding quarter last year, partially lifted by the absence of a one-off prosperity corporate tax of RM10.2mil last year.
Revenue rose 7.6% to RM1.1bil against RM1.06bil last year, driven by a 16.8% growth in new stores.
Transaction volume increased 16.7% 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 31 December 2023.
MR D.I.Y said its gross profit (GP) margin for 4Q23 rose 2.1 percentage points year-on-year (YoY) to 45.8%.
For the full year, it posted a net profit of RM560.7mil, up 18.5% from RM472.9mil while revenue expanded 9.4% to RM4.36bil against RM3.98bil in FY22.
MR D.I.Y declared a dividend of RM94.4mil for 4Q23, taking the full year’s dividend payout to RM302.1mil, a 47.9% improvement compared to the previous year. The full year dividend is equivalent to a payout ratio of 54% of net profit.
Ong noted that the group’s store network has grown by 111.6% from 593 to 1,255 as at the end of FY23 since its initial public offering in 2022.
“Revenue has grown by 70.3% from RM2.6bil in FY20 to RM4.4bil in FY23. More importantly, net earnings have grown by 66.3% from RM337.2mil in FY20 to RM560.7mil FY23. This reflects the strength and resilience of our business model, underpinned by the value-for-money offering that resonates with Malaysians from all walks of life.
“This commendable set of financial results is also attributable to the determination of our close to 18,000-strong workforce, who have been committed to ensuring we deliver an excellent retail experience whilst staying on course with our expansion strategy,” he said.
