Mr DIY 1Q net profit rises 13% on sales from new stores, higher margins
Mr DIY 1Q net profit rises 13% on sales from new stores, higher margins
KUALA LUMPUR (May 9): Home improvement retailer Mr DIY Group (M) Bhd said on Thursday its net profit rose 13% in the first quarter from a year earlier thanks to sales from new stores, while margins expanded as supply chain disruption and freight costs eased.
Net profit for the three months ended March 31, 2024 was RM144.88 million compared to RM127.77 million over the same period a year ago, Mr DIY said in an exchange filing. Revenue for the quarter climbed 9.2% year-on-year to RM1.14 billion from RM1.05 billion.
Mr DIY said it is pursuing “measured store expansion strategy” as well as “horizontal and vertical acquisitions” to accelerate growth. “We are confident of our core business strategies and believe that the group is well-positioned to capitalise on growth opportunities,” it said.