Mr D.I.Y. Group (MRDIY) Q2 2024 earnings summary

Executive summary

• Revenue for 2QFY2024 increased 8.8% year-over-year to RM1,196.2 million, driven by new store openings and higher transaction volumes.

• Net profit for the quarter rose 3.2% year-over-year to RM155.2 million, with profit before tax up 3.3% to RM207.9 million.

• The group opened 42 net new stores in the quarter, bringing the total to 1,340, a 14.7% increase year-over-year.

Financial highlights

• Gross profit for 2QFY2024 was RM544.7 million, up 7.0% year-over-year, with a stable gross margin of 45.5%.

• Cumulative revenue for 1HFY2024 reached RM2,339.3 million, a 9.0% increase year-over-year.

• Cumulative net profit for 1HFY2024 was RM300.1 million, up 7.9% year-over-year.

• Basic earnings per share for 2QFY2024 was 1.64 sen, compared to 1.59 sen in 2QFY2023.

• Net assets per share increased to 19.73 sen as at 30 June 2024 from 18.48 sen at end-2023.

Outlook and guidance

• The group plans to open at least 180 new stores in 2024 and remains optimistic about growth prospects amid improving consumer sentiment.

• Strategic investment in the KKV retail chain is expected to broaden the customer base and enhance future earnings.

• Focus remains on sustainable revenue and earnings growth through store expansion, operational efficiency, and technology investments.