PETALING JAYA: 7-Eleven (M) Holdings Bhd saw net profit decline 24% year-on-year (y-o-y) for the quarter ended Sept 30 (3Q24) to RM10.9mil, despite revenue increasing by 5.5% to RM744mil.
The group reported that the growth in revenue was mainly driven by the net addition of 79 new stores as compared to the corresponding quarter last year, alongside the festivities of Awal Muharram, Merdeka Day and other public holidays during 3Q24.
However, it said the increase in operating expenses, primarily due to higher operational costs associated with store operations and logistics, had led to the lower profits recorded.
Cumulatively up to September, net earnings dropped 20.1% y-o-y to RM44.3mil, as turnover edged up 4.3% to RM2.18bil. The firm reported that its consolidated cumulative net profit is lower for the financial year ending 2024 (FY24) due to the successful disposal of discontinued operations at the end of FY23.
