by SHAFIQQUL ALIFF / pic by TMR FILE 

MR DIY posted a higher net profit for the fourth quarter ended Dec 31, 2021 (4Q21), of RM134.5 million compared to RM108.2 million recorded a year ago.

In filing to Bursa Malaysia yesterday, the group said its revenue increased to RM975.4 million, attributed to an increase in the total number of stores as well as the lifting of lockdown and other restrictions which were imposed in the previous period.

Year to date, the group also posted its cumulative revenue of RM3.4 billion for the financial year ended Dec 31, 2021 (FY21), despite the challenging retail operating environment brought about by the pandemic.

It added that the growth revenue was also primarily driven by an increase in the number of stores, positive contribution from new stores and a higher average basket size — the latter rose 10.5%.

The group stated that other operating income rose to RM22.2 million, mainly comprising accretion of discount from security and utility deposits on leases of approximately RM6.2 million, rent concessions of approximately RM3.7 million about stores during the lockdown period and management fees of RM6 million.

“Administrative and operating expenses rose 13.8% and 34.2% year-on-year respectively, consistent with business expansion activities, which resulted in an increase in staff and utility costs as well as higher depreciation of right-of-use assets and fixed assets.”

The group remains confident to continue to deliver sustainable long-term growth driven by the inherent strength of our business model, the strong unit economics of their flagship Mr DIY stores.

It stated the group was able to execute their strategic initiatives of new store growth, despite the uncertainties of the Covid-19, as well as inflationary and supply chain pressures.

“We are committed to delivering value and convenience to our customers, supported by our nationwide network of 900 outlets, breadth of about 18,000 product SKUs (stock-keeping unit) and our promise of ‘Always Low Prices’, all of which we expect will resonate with the masses.”

Mr DIY said it has declared a quarterly interim dividend of approximately RM56.5 million for 4QFY21, equivalent to a payout ratio of 42%, representing a total cumulative dividend of RM185.2 million for FY21.