KUALA LUMPUR (Feb 23): Home improvement retailer MR DIY Group (M) Bhd's net profit for the fourth quarter ended December 31, 2023 (Q4FY23) was mainly due to one-off corporate contracts. Thanks to the expiration, it increased by 16.6% compared to the same period last year. Windfall tax.
MR DIY said in an exchange filing that its net profit for the three months ended Dec 31, 2023 was RM158.6 million, or 1.68 sen per share, compared with a net profit of RM136.1 million in the same period last year. It said the price was RM1.44 per share. Revenue for the quarter rose 7.6% year-on-year to RM1.15 billion, as sales volumes increased due to an increase in the number of stores.
CEO Adrian Ong said: “We are confident about the outlook, supported by demand for everyday essentials of consistent value, especially at a time when inflation continues and the cost of living is rising. ” he said.
The company added that it plans to open 180 new stores this year, bringing the total number of stores to more than 2,000 by 2028. The number of the company's stores was 1,255 as of the end of FY2023.
Gross profit margin for the fourth quarter of fiscal 2023 increased 2.1 percentage points year-on-year to 45.8%, primarily due to lower freight rates and price adjustments implemented in fiscal 2022.
MR DIY announced an interim dividend of 1 sen per share, compared to 0.6 sen a year earlier, to be paid on March 22. As a result, the total dividend for fiscal 2023 will be 3.2 sen (2.4 sen for fiscal 2022).
For FY2023 as a whole, MR DIY's net profit increased by 18.5% to RM560.7 million from RM472.9 million in FY22. Full-year sales rose 9.4% to RM4.36 billion from RM3.98 billion.
MR DIY's share price rose 1 sen or 0.66% to RM1.53 on Friday, giving it a group value of RM14.45 billion.