KUALA LUMPUR: MR D.I.Y Group Bhd aims to launch 180 additional stores in 2024, surpassing its target of 2,000 stores by 2028, according to chief executive officer Adrian Ong.
“Our growing store network makes us increasingly accessible to more and more Malaysians, and 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 in a statement.
Ong said the home improvement retailer continued to see strong momentum in its business and is very encouraged by the solid start to the financial year ending Dec 31, 2024 (FY24).
“We are seeing the group deliver solid growth across all key indicators and for multiple periods, which not only reflects the strength and resilience of our business model but also our compelling value proposition that resonates with Malaysians from all walks of life,” he added.
“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.”
In the first quarter ended March 31 (1Q24), MR D.I.Y posted a 13.4% higher net profit of RM144.9mil, or earnings per share of 1.53 sen against RM127.8mil, or 1.35 sen in the same quarter last year.
Revenue for the quarter rose 9.2% to RM1.1bil compared to RM1.05bil last year driven primarily by a 15.4% growth in new stores.
Transaction volume rose in tandem by 15.8% to 44.2 million as the company continued to expand its store network across its core brands to 1,292 stores as of March 31, 2024 from 1,125 stores in 1Q23.
MR D.I.Y declared a dividend of RM94.5mil for 1Q24, a 66.9% improvement compared to the corresponding first quarter of FY23. The 1Q24 dividend is equivalent to a payout ratio of 65.2% of net profit.