KUALA LUMPUR: Malaysia's home improvement retailer MR. D.I.Y Group (M) Bhd reported a net profit of RM144.9 million for the first quarter ended 31 March 2024 (1QFY24), marking a 13.4 per cent rise from RM127.8 million in the corresponding period last year.
Its revenue also increased 9.2 per cent to RM1.1 billion, up from RM1.04 billion a year ago, mainly driven by the positive performance of new stores.
MR. D.I.Y said in a filing with Bursa Malaysia, its store network expanded by 15.4 per cent, from 1,125 to 1,298 stores, resulting in a 15.8 per cent year-on-year increase in total transactions.
Additionally, the retail company announced a dividend of RM94.5 million for 1QFY24, representing a 66.9 per cent improvement compared to the corresponding quarter.
MR. D.I.Y chief executive officer Adrian Ong said that the expanding store network enhances the company's accessibility to more Malaysians.
"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."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," he said.
According to Ong, the retail company expects positive results to be further supported by improving consumer sentiment and its role as the customer's go-to retailer for everyday essentials.