MR DIY Records Highest Quarterly Earnings Since Listing

According to the company, the revenue increase is primarily due to an increase in total transactions, which increased 35% year on year (y-o-y) to 36.1 million

MR DIY Records Highest Quarterly Earnings Since Listing

KUALA LUMPUR, 7 AUGUST: MR DIY Group (M) Bhd's net profit increased 64.59 percent to RM135.19 million in the second quarter ended June 30, 2022 (2QFY22), the highest quarterly earnings since it was listed, from RM82.13 million in the corresponding quarter last year, thanks to record high quarterly revenue.

Earnings per share increased to 1.43 sen in 2QFY22 from 0.87 sen the previous year. It declared an RM56.6 million interim single-tier dividend, or 0.6 sen per share, to be paid on September 21. For the first six months of 2022, this equates to a total cumulative dividend payout of RM100.5 million.

MR DIY reported in a bourse filing on Thursday (Aug 4) that revenue for 2QFY22 increased 38.02 percent to RM1.05 billion from RM759.82 million, making it the group's highest quarterly revenue after 4QFY21 of RM975.4 million.

According to the company, the revenue increase is primarily due to an increase in total transactions, which increased 35% year on year (y-o-y) to 36.1 million, as well as contributions from new stores, which increased 20.1 percent y-o-y from 827 to 993.

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MR DIY higher revenue

MR DIY added that the higher revenue is also consistent with the country entering the endemic phase on April 1 and accounts for the temporary closure of some stores during the previous quarter.

The group stated that its gross profit margin was 0.5 percent lower y-o-y in 2QFY22, at 41 percent, owing primarily to the impact of freight costs and higher input costs.

"During the period, the group implemented selected price increases across its product range to partially mitigate the impact of cost pressures," MR DIY said.

MR DIY's net profit increased 13.9 percent to RM235.69 million in the first half of 2022 (1HFY22) from RM206.92 million in the same period last year, while revenue increased 19.87 percent to RM1.95 billion from RM1.63 billion.

In 2022, the group plans to open 87 new stores across its three brands — MR. D.I.Y., MR TOY, and MR DOLLAR — for a total of 180 new stores.