MR D.I.Y reports 54% jump in Q3 net profit

PETALING JAYA: MR D.I.Y Group (M) Bhd has reported a 54.1% increase in net profit to RM113.45 million in the third quarter ended Sept 30 from RM73.62 million reported previously on the back of higher average monthly sales per store, coupled with lower operating expenses as a percentage of revenue, which declined from 18.4% to 17.3% in the current quarter.

Revenue for the period stood at RM740.23 million, a 31.8% improvement from RM561.72 million reported previously.

The group added a record 48 new stores during the third quarter of 2020, an increase of approximately 100% from the average store additions in each of the preceding two quarters.

In the first three quarters of its financial year, the group posted a net profit of RM228.9 million, from RM226.68 million reported in the same period of the previous year. Revenue for the period rose 8% to RM1.79 billion from RM1.66 billion previously.

For the quarter, the group declared an interim dividend of 0.73 sen per share which amounts to RM45.8 million.

According to the group’s Bursa disclosure, it remains cautiously optimistic on its progress going forward with the challenging market outlook and uncertainties from the Covid-19 pandemic.

It highlighted that its growth driver remains on track with an aggregate 307 new store openings in 2020 and 2021 across its three brands, MR DIY, MR TOY, and MR DOLLAR.

MR D.I.Y. CEO Adrian Ong said the group has managed to deliver strong results in 3Q’20 despite the challenging operating environment.

“Going forward, our strategy is to continue to focus on creating sustainable growth by expanding our store network across our three brands, driving more foot traffic into our stores to increase revenue as well as expanding our e-commerce business. It’s a multi-pronged strategy that we are confident will deliver results,” he said.