MR D.I.Y Group Berhad reported a commendable revenue and earnings, with profit after tax for the first quarter ended 31 March 2024 up by 13.4% year-on-year to RM144.9 million.
The group delivered a higher revenue of 9.2% to RM1.1 billion compared to 1QFY2023, which it said was driven primarily by a 15.4% growth in new stores. Transaction volume rose in tandem by 15.8% to 44.2 million as the company continues to strategically expand its store network across its core brands, from 1,125 stores in 1QFY2023 to 1,292 stores in March.
Gross profit (“GP”) margin for 1QFY2024 rose 1.5 percentage points (“p.p.”) y-o-y to 45.8%. The improvement was mainly due to the normalisation of freight costs. Correspondingly, GP increased 12.9% y-o-y to RM523.3 million mainly due to the higher revenue and the higher GP margin.
Profit before tax (“PBT”) rose 13.1% y-o-y to RM195.1 million in 1QFY2024 due to the higher GP. Consequently, net earnings margin for 1QFY2024 was 12.7% compared to 12.2% in the corresponding quarter of FY2023.
MR D.I.Y declared a dividend of RM94.5 million for 1QFY2024, a 66.9% improvement compared to the corresponding first quarter of FY2023. The 1QFY2024 dividend is equivalent to a payout ratio of 65.2% of PAT.
