MR D.I.Y Group Berhad reported its fourth quarter revenue that rose 7.6% to RM1.1 billion compared to the previous corresponding period, driven by a 16.8% growth in new stores. Transaction volume increased 16.7% in tandem, as the company expanded its store network across core brands from 1,080 stores in FYE2022 to 1,255 stores as of 31 December 2023.
Gross profit margin for 4QFY2023 rose 2.1 percentage points y-o-y to 45.8%. The improvement it said was mainly due to the normalisation of freight costs as well as the impact of the price adjustment exercises carried out in FYE2022. Consequently, GP increased 12.7% y-o-y to RM525.4 million.
Profit before tax for the period rose 12.3% y-o-y to RM212.2 million as a consequence of the higher GP. Net earnings for 4QFY2023 increased 16.6% y-o-y to RM158.6 million, partially lifted by the absence of a one-off prosperity corporate tax of RM10.2 million in the corresponding period last year. Consequently, net earnings margin for 4QFY2023 was 13.8% compared to a normalised net earnings margin of 13.7% in the correspondingly quarter of FYE2022.
The Group registered cumulative revenue and PAT of RM4.4 billion and RM560.7 million respectively for the financial year ended 31 December 2023, up 9.4% and 18.5% respectively compared to the financial year ended 31 December 2022.
Commenting on the results, MR. D.I.Y.’s Chief Executive Officer Adrian Ong said, “We are very satisfied with our performance in 4QFY2023 and FYE2023, with the Group continuing to deliver growth across all key indicators. Since our IPO in 2020, the Group’s store network has grown by 111.6% from 593 to 1,255 as at the end of FYE2023.
MR D.I.Y declared a dividend of RM94.4 million for 4QFY2023, taking the full year’s dividend payout to RM302.1 million, a 47.9% improvement compared to the previous year. The full year dividend is equivalent to a payout ratio of 54% of PAT.
