SSF Home Group Bhd is optimistic about its 2025 outlook owing to the group’s expansion strategy as well as increased consumer purchasing power as a result of various initiatives under Budget 2025 that includes an RM13 billion cash transfer programme, according to a press statement circulated by the company on Friday.
SSF specialises in furniture, home décor, and living products, offering both in-store and online purchase, and operates more than 40 retail outlets nationwide.
Executive Director of SSF Lok Kok Khong commented, “Our strategic expansion and operational adjustments are designed to navigate the current challenges while positioning us to capitalise on the recovering economy and favorable consumer trends.”
In line with its strategic expansion, the group successfully opened its 43rd retail outlet in Danga Utama, Johor Bahru, in August 2024, followed by its entry into East Malaysia with the opening of its 44th outlet in Kota Kinabalu, Sabah, in October 2024. These new outlets underscore SSF’s commitment to increasing accessibility to its home furnishing offerings and meeting the growing demands of diverse customer bases in high-growth cities.
Additionally, the group is optimistic about the retail sector’s recovery, supported by enhanced consumer purchasing power driven by initiatives under Budget 2025. These include RM13 billion in cash transfers through the Sumbangan Tunai Rahmah and Sumbangan Asas Rahmah programs, as well as an increase in the monthly minimum wage to RM1,700 starting February 2025, benefiting a broad segment of the population.
In the same press statement and a Bursa filing dated Dec 20, SSF announced that the group recorded a revenue of RM30.090 million for the second quarter ended 31 October 2024 of FY2024/25, which reflected a slight decline of 3.9% year-on-year, from RM31.323 million recorded a year earlier. The reduction was primarily attributed to sales decline due to inflation which had influenced customer sentiment.(FY2024/25: Financial year ending 30 April 2025)
Despite this, the group’s loss before tax credit/expense during the quarter under review reduced significantly to RM2.471 million in Q2 FY2024/25 from RM3.626 million in the corresonding quarter the previous financial year, primarily due to a lower gross profit generated from lower sales and higher depreciation charge for Right-of-Use assets. The higher Q2 loss reported in the previous financial year (FY2023/24) was mainly attributed to the one-off Initial Public Offering (IPO) listing expenses approximately RM3.200 million.
