KUALA LUMPUR: Mr D.I.Y. Group (M) Bhd's net profit increased 24.5 per cent to RM768.33 million for the year ended December 31, 2020 (FY20) from RM617.13 million recorded in FY19.
In a statement today, the company said this came on the back of the strong performance during the second half of the year.
This is despite the mandatory closure of stores during the Movement Control Order (MCO), and positive contribution from new stores added during the year.
"The overall growth for the period under review was attributable to the strong performance during the second half of the year as well as positive contribution from new stores, offset by the impact of closures due to the MCO, and higher IPO (initial public offering) related expenses in 2020," it said.
Its revenue in the same period increased 12.5 per cent to RM2.56 billion from RM2.28 billion.
Mr D.I.Y said during the year, the group had seen net growth of 141 stores across all three brands, opening 149 and closing eight, which was an increase of 24 per cent from the preceding year.
The gains consisted of 96 new Mr D.I.Y. and 23 new Mr Toy and 14 new Mr Dollar stores.
As at December 31, 2020, the group had a total of 734 stores comprising 683 MR D.I.Y., 37 Mr Toy and 14 Mr Dollar stores, up from the 579 MR D.I.Y. and 14 Mr Toy stores as at the end of 2019.
The group said it aims to open a further 175 stores across all brands in 2021.
MR D.I.Y. chief executive officer Adrian Ong said moving forward, the company remains committed to its strategy of creating sustainable growth via the strategic and disciplined expansion of our store network across its three brands, while increasing sales in existing stores and expanding our e-commerce business.
"It is a multi-pronged strategy that we are confident will deliver results."
Mr D.I.Y. has declared an interim single tier dividend of 0.7 sen per share, amounting to RM43.9 million, in respect of the FY20, which will be paid on April 8.