MR D.I.Y. Group (M) Berhad reported revenue of RM966.2 million for the third quarter that ended 30 September 2022, marking a 26% year-on-year growth against the corresponding period in 2021. The group attributes the growth to a 40% increase in transaction volume which includes positive same-store growth as well as contributions from new stores.
Profit after tax for 3QFY2022 rose 12% y-o-y to RM101.2 million, mainly due to the higher revenue but offset by a lower operating margin due to continued input cost pressure as well as a mandatory increase in the minimum wage, which came into effect on 1st May 2022.
For the nine-month financial period ended 30 September 2022, MR D.I.Y. registered cumulative revenue and PAT of RM2.9 billion and RM336.9 million respectively, up 21% and 13% respectively compared to the corresponding period in 2021. The overall growth for the period is consistent with the above-mentioned factors.
Commenting on the results, Chief Executive Officer Adrian Ong said, “It is imperative that under the current operating environment, we remain focused on optimising inventory across our retail platform and achieving cost and operational efficiencies. To this end, we have identified several key strategic initiatives which we will be exploring in the coming quarters, including optimising the product mix, a pricing review of some product ranges, as well as automation of some operations.”
The Group saw a net growth of 138 stores across its three brands – MR. D.I.Y, MR TOY and MR DOLLAR – in 9MFY2022, an increase of approximately 15% from December 2021 with the majority being MR DIY stores. This brings the Group’s total number of stores to 1,038 as at 30 September 2022. The group said its store expansion programme is on track, with at least 42 stores expected to be opened across all three brands in the fourth quarter of 2022.
The Group has declared a quarterly interim dividend of RM47.1 million for 3QFY2022. This represents a total cumulative dividend payout of RM147.7 million for 9MFY2022 and reflects the continued strong financial position of the Group.
