KUALA LUMPUR: MR D.I.Y. Group (M) Bhd’s net profit for the first quarter ended March 31, 2024 (1Q 2024) expanded to RM144.88 million from RM127.77 million last year.
Revenue for Malaysia’s largest home improvement retailer for the period under review grew 9.2 per cent year-on-year to RM1.14 billion from RM1.05 billion previously, primarily attributed to positive contributions from new stores.
In a Bursa Malaysia filing today, the group said the store network grew by 15.4 per cent in 1Q 2024, from 1,125 to 1,292 stores.
Chief executive officer Adrian Ong said that the group delivered solid growth across all key indicators and for multiple periods, which not only reflected the strength and resilience of their business model but also a compelling value proposition that resonates with Malaysians from all walks of life.
“While inflationary pressures may have abated in recent months, we are conscious that conditions remain challenging for many households. We remain committed to making everyday household essentials affordable and accessible to all.
“Our plan in 2024 is to further cement this proximity by opening 180 new stores in 2024 and surpass our target of 2,000 stores by 2028,” he said.
The group remains steadfast in its commitment to delivering long-term sustainable growth for all stakeholders, via a measured store expansion strategy while also pursuing opportunities through horizontal and vertical acquisitions to accelerate growth.
MR D.I.Y. declared an interim single-tier dividend of RM0.01 per ordinary share, approximately RM94.5 million in respect of the financial year ending Dec 31, 2024, to be paid on June 21, 2024. – BERNAMA
