KUALA LUMPUR, Nov 20 — MR DIY Group (M) Bhd posted a higher net profit of RM123.95 million in the third quarter ended September 30, 2023 (3Q FY2023) from RM101.18 million in line with the higher revenue and gross profit.

The retailer said revenue climbed to RM1.07 billion versus RM966.17 million driven primarily by positive contributions from new stores.

The group’s store network grew 16.4 per cent year-on-year (y-o-y) in the same period, from 1,038 to 1,208 stores, it said in a filing with Bursa Malaysia.

Correspondingly, total transactions increased 16.3 per cent y-o-y, from 35.8 million in 3Q FY2022 to 41.6 million in 3Q FY2023.

This, however, was partially offset by a lower average basket size, which decreased 5.1 per cent y-o-y mainly due to weaker consumer sentiment.

Meanwhile, the gross profit increased 20.9 per cent y-o-y to RM479.5 million.

For the nine-month period, its net profit widened to RM402.04 million compared to RM336.87 million on the back of a higher revenue of RM3.21 billion from RM2.92 billion.

The group has declared an interim single-tier dividend of 0.8 sen per share amounting to about RM75.5 million in respect of the financial year ending December 31, 2023.

Separately in a statement, chief executive officer Adrian Ong said overall, the 3Q FY2023 performance met the group’s expectations, continuing to record y-o-y revenue and net earnings growth.

This reflects the resilience of the business, particularly during this environment of persistent rising inflationary and interest rates which has affected household disposable income and consumer sentiment, further exacerbated by the absence of any seasonal festivities during the quarter.

He said the group’s store expansion for FY2023 remains largely on track, with at least 57 stores to be opened across all three brands in the fourth quarter of FY2023.

"The group also revealed its five-year growth plan and store opening target of 2,000 stores by FY2028 across its core brands, with an emphasis on the flagship MR DIY brand.

"This 2,000-store target translates to approximately 19,000 of the population served per store,” he said. — Bernama