MR D.I.Y. Group (M) Bhd’s revenue for the financial year (FY) ended Dec 31, 2020 improved 13 per cent to RM2.56 billion from RM2.27 billion in the preceding corresponding period.
In a filing with Bursa Malaysia today, the country’s largest home improvement retailer said net profit rose to RM337.16 million against RM317.56 million previously.
It said robust results were achieved despite mandatory store closures in March and April 2020 as a result of the Movement Control Order and Conditional Movement Control Order .
“The overall growth for the period under review was attributable to the strong performance during the second half of 2020 as well as positive contribution from new stores, offset by the impact of closures due to the MCO, and higher initial public offering (IPO) related expenses in 2020,” it said.
In the fourth quarter (4Q) ended Dec 31, 2020, revenue grew 25 per cent to RM768.33 million from RM617.13 million a year ago.
Net profit increased 19 per cent to RM108.26 million against RM90.88 million compared with the corresponding period in 2019.
MR DIY said the encouraging 4Q2020 results came on the back of higher average monthly sales per store as well as positive sales contribution from new stores.
During the year, the group saw net growth of 141 stores across all three brands, opening 149 and closing eight, which is an increase of approximately 24 per cent from the preceding year.
The gains were from 104 new MR DIY, 23 new MR TOY and 14 new MR DOLLAR stores.
As at Dec 31, 2020, the group had a total of 734 stores comprising 683 MR DIY, 37 MR TOY and 14 MR DOLLAR stores, up from the 579 MR DIY and 14 MR TOY stores as at the end of 2019.
The group aims to open a further 175 stores across all brands in 2021.
Moving forward, chief executive officer Adrian Ong said the group remained committed to creating sustainable growth via the strategic and disciplined expansion of its store network across three brands namely MR DIY, MR TOY and MR DOLLAR, while increasing sales in existing stores and expanding e-commerce business.
In line with the group’s policy of paying quarterly dividends, MR DIY has declared an interim dividend of RM43.9 million, which reflected its continued strong financial position and performance despite the COVID-19 pandemic outbreak. — BERNAMA
