KUALA LUMPUR: Retailer Mr D.I.Y Group (M) Bhd announced a net profit of RM155.2 million for the second quarter of the financial year 2024 (2QFY24), marking a 3.2 per cent rise from the RM150.3 million recorded during the same period last year.
The company reported a revenue of RM1.19 billion for the quarter, up 8.0 per cent from RM1.09 billion previously, driven by contributions from newly opened stores.
Mr D.I.Y announced a record dividend payout ratio of 73.1 per cent for 2QFY24.
"The dividend of RM113.4 million is equivalent to a payout ratio of 73.1 per cent of profit after tax and is the highest payout ever recorded by the group since its initial public offering in 2020," it said.
Mr D.I.Y chief executive officer Adrian Ong stated that the company has effectively implemented strategic initiatives to steadily grow a business that delivers consistent and sustainable returns to its shareholders.
"The board was of the view that our shareholders should be rewarded for their steadfast loyalty to the business despite the challenges that continue to beset the Malaysian retail market.
"This record dividend payout, our highest ever and significantly above our 50-65 per cent targeted payout, reflects our appreciation to our shareholders and our confidence in growing our business," he said.
Ong said Mr D.I.Y's future strategy will be guided by meaningful collaborations with business partners who share similar values.
The company said it had made a strategic investment in the KKV chain retail to open new KKV retail outlets across the country.
"This move is expected to deliver future growth by attracting a broader customer base and enhancing the overall shopping experience," Ong said.