Mr D.I.Y. Group (MRDIY) Q3 2024 earnings summary

Executive summary

• Revenue for 3QFY2024 rose 6.4% year-over-year to RM1,135.1 million, driven by higher transactions and new store openings, despite a decline in like-for-like sales growth due to weaker consumer sentiment and tightening household spending.

• Net profit for 3QFY2024 was RM121.6 million, down 1.9% year-over-year, as higher expenses offset revenue gains.

• The Group opened a net total of 49 new stores in the quarter, bringing the total to 1,389, with total transactions up 9.0% year-over-year.

Financial highlights

• Gross profit for 3QFY2024 increased 7.5% year-over-year to RM515.4 million, with gross margin stable at 45.4%.

• Cumulative 9MFY2024 revenue was RM3,474.4 million, up 8.1% year-over-year; net profit for the period was RM421.7 million, up 4.9%.

• Basic and diluted EPS for 3QFY2024 were 1.29 sen, compared to 1.31 sen in 3QFY2023.

• Net assets per share increased to 19.84 sen as at 30 September 2024, from 18.48 sen at end-2023.

Outlook and guidance

• Plans to open 190 new stores in 2025, including expansion of the KKV retail chain, are expected to drive revenue and profitability.

• Declared a dividend of RM94.5 million (77.7% payout ratio), exceeding the target payout range of 50-65%.

• Focus remains on store expansion, merchandising, and operational efficiency for sustainable growth.