KUALA LUMPUR: MR DIY Group (M) Bhd saw a 1.9 per cent drop in its net profit for the third quarter ended Sept 30, 2024 (3Q24) to RM121.65 million from RM123.95 a year ago, dragged by higher administrative and other operating expenses.
Revenue for the quarter, however, rose 6.4 per cent to RM1.14 billion from RM1.07 billion previously, driven by higher transactions and the addition of new stores.
The company posted a lower earnings per share of 1.29 sen compared to 1.31 sen in 3Q23, according to its filing to Bursa Malaysia.
MR DIY opened 49 new stores during the quarter, representing 15 per cent growth and bringing the total store count as of the end of September 2024 to 1,389.
For the cumulative nine months, MR DIY's net profit rose to RM421.74 million from RM402.04 million a year earlier, while revenue grew to RM3.47 billion from RM3.21 billion previously.
It declared an interim dividend of one sen per share, totalling RM94.5 million, for the financial year ending Dec 31, 2024 (FY24), which is payable on Dec 13.
Chief executive officer Adrian Ong said the dividend payout reflects the group's commitment to rewarding its loyal shareholders.
"The higher payout, significantly above our 50-65 per cent target, underscores the underlying strength and resilience of our business, and our confidence in our long-term growth," he said in a separate statement.
On its financial results, Ong said the focus at MR DIY is to deliver steady, incremental year-on-year growth.
He added that the group use stringent data analytics to ensure it close the gaps on unmet needs.
He said the recent addition of the KKV brand, for example, is allowing the company to reach a broader and younger customer base in new and interesting ways.
Its 2025 growth plan is to open 190 new stores across its core brands including KKV.