KUALA LUMPUR: MR D.I.Y Group (M) Bhd’s net profit rose 27 per cent to RM127.77 million in the first quarter (Q1) ended March 31 2023 compared to RM100.50 million a year ago.
Revenue for the quarter rose 15.6 per cent to RM1 billion from RM905 million in Q1 2022.
“The increase (in revenue) was primarily driven by an increase in the number of stores, which grew 18.8 per cent year-on-year (YoY), taking the total number of stores to 1,125.
“This led to a corresponding increase in total transactions, which grew 18.1 per cent YoY to 38.2 million in Q1 2023,” it said.
MR D.I.Y declared a dividend of RM56.6 million for 1Q23, which is equivalent to a dividend payout of 44.3 per cent of net earnings.
Chief executive officer Adrian Ong said the company would maintain its commitment to a measured expansion strategy.
“(We will continue) to provide our customers with value, convenience and a wide range of products under our ‘always low prices’ formula,” said Ong.
MR D.I.Y is cautiously optimistic about its prospects as there are still concerns on the impact on household income given the increases in the cost of living.
However, Ong said this also put the company in a good position to benefit from the strong demand for its affordable, everyday items in the context of continued inflationary pressures on consumers.
“The more favourable freight environment also favours a better performance going forward,” he added.