by BERNAMA

MR DIY Group (M) Bhd saw its net profit shrank to RM90.35 million in the third quarter ended Sept 30, 2021 (3Q21) from RM113.45 million in 3Q20, mainly due to store closures amid Covid-19 restrictions.

“Operating expenses continued to be incurred during the period,” the home improvement retailer said in a filing to Bursa Malaysia yesterday.

Revenue, however, increased to RM768.02 million versus RM740.23 million, mainly driven by contribution from new stores, where the number of new stores grew 22.2% year-on-year to 841 stores.

The group also declared an interim single tier dividend of 0.65 sen per share, payable on Dec 23, 2021.

For the cumulative nine-month period ended Sept 30, 2021, its net profit grew to RM297.28 million from RM228.90 million previously, with revenue jumping to RM2.4 billion against RM1.79 billion previously.

In a separate statement, CEO Adrian Ong said the group saw a growth of 107 stores across its three brands, namely Mr DIY, Mr TOY and Mr DOLLAR, in the first nine months of financial year 2021, which was an increase of 15% from December 2020 with the majority being Mr DIY stores.

He said the group’s store expansion programme is progressing well and it aims to open a further 68 stores across all three brands in 4Q21.

According to Ong, the company’s cashflow and balance sheet have remained strong, with its net cashflow from operations standing at RM434.7 million and net gearing ratio at 0.11 times, providing it with the financial flexibility to continue investing for the long term.

“We remain steadfast in our commitment to deliver exceptional value and convenience to our customers, supported by our nationwide network of more than 840 outlets, breadth of about 18,000 product stock-keeping units, and our promise of unbeatable value, all of which continue to resonate with the masses.”