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Mr DIY’s FY2022 Net Profit Higher At RM472.95m, Declares 0.6 Sen Dividend

Mr DIY Group (M) Bhd’s net profit jumped to RM472.95 million in the financial year ended Dec 31, 2022 (FY2022) from RM431.83 million in FY2021 on solid revenue growth.

In a filing with Bursa Malaysia today, Mr DIY, however, said its earnings were impacted by the one-off additional prosperity corporate tax of RM10.2 million on subsidiaries with chargeable income above RM100 million at a tax rate of 33 per cent.

On revenue, the home improvement retailer said its top line grew to RM3.99 billion in FY2022 versus RM3.37 billion previously, primarily driven by positive contribution from new stores and positive sales growth, although it was partially offset by a muted 1Q FY2022 which was impacted by a spike in Covid-19 cases.

For the fourth quarter ended Dec 31, 2022 (4Q FY2022), Mr DIY registered a higher net profit of RM136.08 million versus RM134.55 million previously, while revenue climbed to RM1.07 billion from RM975.39 million previously.

This represents a dividend payout of about RM56.6 million for 4Q FY2022, taking the full year’s dividend payout to RM204.2 million.

On outlook, chief executive officer Adrian Ong said the group is optimistic about its prospects going forward, given the positive post-pandemic sentiment such as the more favourable freight environment as well as the strengthening of the ringgit against both the US dollar and Chinese yuan.

“(However) there are still concerns on the impact on household income given rising interest rate and increases in cost of living,” he said in a separate statement.

Ong said the company’s target is to open 180 new stores across all brands in 2023, which will bring the total nationwide store network to over 1,200.

Since its initial public offering (IPO) in 2020, MR DIY’s store network has grown by 82.1 per cent to 1,080 as at end-FY2022 from 593 at the beginning of 2020. — BERNAMA

BacalahMalaysia Team

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