PETALING JAYA: Mr DIY Group (M) Bhd’s net profit for the fourth quarter ended Dec 31, 2021 rose 24.3% to RM134.55 million from RM108.26 million a year ago, on the back of higher average monthly sales per store, higher average basket size, as well as positive contribution from new stores.
It reported revenue of RM975 million for Q4’21, a 27% year-on-year (y-o-y) increase compared to the corresponding period in 2020.
The group’s store network grew by 23% y-o-y from 734 in Q4’20 to 900 in Q4’21; representing a net growth of 166 stores across its four brands – Mr DIY, Mr DIY Express, Mr Toy and Mr Dollar – with the majority being flagship Mr DIY stores.
The higher average monthly sales per store is attributed to the strong nationwide store performance as total transactions for the quarter rose 20% y-o-y from 27.6 million to 33.1 million.
For the full year, Mr DIY’s net profit increased 28.1% to RM431.83 million from RM337.16 million a year ago. It registered revenue of RM3.37 billion, up 32% y-o-y respectively compared to the corresponding period in FY20. Overall growth for the period was also attributed to positive contributions from new stores which led to higher total transactions as well as higher basket sizes.
Mr DIY CEO Adrian Ong said the strong set of financial results reflect the strength and resilience of its business.
He added that the group’s cash flow and balance sheet remained solid, with net cash flow from operations standing at RM647.7 million whilst the group’s net gearing ratio remained a comfortable 0.01 times; the latter having improved significantly compared to the corresponding period in 2020.
“The group remains committed to delivering long-term sustainable growth driven by the inherent strength of the business, an effective strategy of managing new store growth, improving operating efficiencies and most importantly, staying relevant to our customers. The group’s target for 2022 is to open 180 stores across the four brands, bringing the total number of stores to 1,100.”
The group has declared a quarterly interim dividend of RM56.5 million for Q4’21, which is equivalent to payout ratio of 42%. This represents a total cumulative dividend of RM185.2 million for FY21 and reflects the continued strong financial position of the group.
