KUALA LUMPUR, Feb 23 — MR D.I.Y. Group (M) Bhd's net profit grew to RM560.68 million for the financial year ended Dec 31, 2023 (FY2023) from RM472.95 million in FY2022.

Revenue rose 9.4 per cent year-on-year (y-o-y) to RM4.36 billion from RM3.99 billion in FY2022, said the largest home improvement retailer in the country in a filing with Bursa Malaysia today.

“The revenue growth was primarily driven by a positive contribution from new stores, which grew by 16.8 per cent y-o-y leading to a corresponding 16.0 per cent y-o-y increase in total transactions to 165.1 million,” it said.

For the fourth quarter of 2023 (4Q FY2023), the group’s net profit strengthened to RM158.63 million compared to RM136.07 million for the same quarter a year prior.

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Revenue rose 7.6 per cent to RM1.15 billion from RM1.07 billion previously.

Chief executive officer Adrian Ong said since its initial public offering exercise in 2020, the group’s store network expanded by 111.6 per cent from 593 to 1,255 at the end of FY2023.

He said that revenue grew by 70.3 per cent to RM4.4 billion in FY2023 from RM2.6 billion in FY2020.

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“More importantly, net earnings have grown by 66.3 per cent to RM560.7 million in FY2023 from RM337.2 million in FY2020.

“This reflects the strength and resilience of our business model, underpinned by the value-for-money offering that resonates with Malaysians from all walks of life,” said Ong.

He said that in the near and mid-term, the group plans to open 180 new stores in 2024 and surpass 2,000 stores by 2028.

MR DIY declared a dividend of RM94.4 million for the 4Q FY2023, taking the full year’s dividend payout to RM302.1 million, a 47.9 per cent improvement compared to the previous year.

The full-year dividend is equivalent to a payout ratio of 54 per cent of profit after tax. — Bernama