MR D.I.Y. posts lower net profit of RM100.50m in Q1 FY22

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MR D.I.Y. Group (M) Bhd’s net profit for the first quarter ended March 31, 2022 (Q1 FY22) fell to RM100.50 million. — Photo courtesy of Mr DIY
MR D.I.Y. Group (M) Bhd’s net profit for the first quarter ended March 31, 2022 (Q1 FY22) fell to RM100.50 million. — Photo courtesy of Mr DIY

KUALA LUMPUR, May 13 — MR D.I.Y. Group (M) Bhd’s net profit for the first quarter ended March 31, 2022 (Q1 FY22) fell to RM100.50 million from RM124.79 million a year ago.

Revenue increased 4.0 per cent to RM905.16 million from RM870.18 million registered in same quarter a year ago.

The company attributed the performance mainly to contributions from new stores, which grew 20.2 per cent year-on-year to 947 stores in Q1FY22, comprising 841 MR D.I.Y/D.I.Y. Express stores, 51 MR TOY stores and 55 MR DOLLAR stores. a Bursa Malaysia filing said today.

Its network grew by a net 47 stores across its three brands, comprising 44 new MR D.I.Y./D.I.Y. Express stores, two new MR DOLLAR stores and one new MR TOY store.

The group aims to open a further 133 stores across all brands this year.

In a statement, chief executive officer Adrian Ong said the fourth wave of the Covid-19 pandemic in February 2022, with its highly viral Omicron variant, drove up infection rates, reducing foot traffic and consumer spending.

Several MR D.I.Y. stores being closed intermittently for sanitisation but their strategies for growth remain “consistent” which includes carefully-curated store network expansion across all brands, driving same-store-sales growth, managing supply chain, improving cost efficiencies, and employing stringent data discipline.

In line with the group’s policy of paying quarterly dividends, MR D.I.Y. has declared an interim single-tier dividend of RM0.007 per ordinary share to be paid on June 24, 2022, amounting to RM44.0 million for Q1FY22 representing a payout ratio of 43.8 per cent. — Bernama