99 Speed Mart Retail Holdings Berhad (99SMART) Q4 2024 earnings summary

Executive summary

• Revenue for Q4 2024 rose 7.3% year-over-year to RM2.58 billion, driven by outlet expansion and e-commerce growth.

• Net addition of 81 outlets in Q4 and 252 outlets for the year, totaling 2,778 outlets, a 10% year-over-year increase.

• Bulk sales e-commerce platform contributed RM9.3 million in Q4 and RM23.1 million for the year.

• PAT for Q4 2024 increased 16.8% year-over-year to RM124.4 million; full-year PAT up 22.5% to RM490.3 million.

• IPO completed in September 2024, raising RM660 million.

Financial highlights

• Q4 2024 revenue: RM2,584.7 million (+7.3% YoY); full-year revenue: RM9,981.6 million (+8.3% YoY).

• Q4 2024 gross profit: RM264.5 million; full-year gross profit: RM1,104.3 million (+7.3% YoY).

• Q4 2024 PAT: RM124.4 million (+16.8% YoY); full-year PAT: RM490.3 million (+22.5% YoY).

• Normalised full-year PAT (excluding one-off items): RM512.4 million (+27.7% YoY).

• Basic EPS for 2024: 5.84 sen (vs 4.76 sen in 2023).

Outlook and guidance

• Targeting at least 250 new outlets in 2025, aiming for ~3,000 outlets by year-end.

• Plans to expand e-commerce platform to East Coast and increase product range.

• Anticipates revenue growth and sustained profitability from network and platform expansion.

• Focus on ESG initiatives, including energy efficiency upgrades and solar installations.

• Expects cost savings and enhanced shareholder value from sustainability efforts.