KUALA LUMPUR: Main Market-bound Senheng New Retail Bhd posted a 21.2% jump in net profit to RM41.1mil in the nine months ended Sept 30, 2021, compared to RM28.1mil in the same period in 2020 as group revenue rose on higher sales.

       In a statement, the consumer electrical and electronics retailer said revenue for the period was 12.2% to RM987.7mil from RM879.6mil in the same period previously as sales were driven higher by ongoing experiential retail store expansions and upgrades.

       The higher revenue contribution comes despite 58.2% and 21.9% of the group's stores being shut down in July and August 2021 to comply with the Covid-19 lockdown, as there was an increased number of and higher average monthly sales in Grand Senheng stores, said Senheng.

       In the period under review, the group opened one new store and upgraded four existing retail stores to bigger and enhanced “Grand Senheng” stores, featuring an expanded product range and better consumer experience.

       The group also attributed the higher revenue to its telemarketing automation application that enabled continuous sales generated by staff even as stores were physically closed, as well as targeted digital marketing efforts to increase the number of customer visits to online stores.

       "The double-digit topline growth even in the midst of temporary store closures proves the agility and effectiveness of Senheng’s seamless New Retail Model, where our nationwide network of retail stores is complemented by the convenience of e-commerce and mobile applications.

       "Our aim is to keep the Senheng brand top-of-mind for customers and drive traffic to our online stores,” said Senheng executive chairman Lim Kim Heng.

       In 3Q21 alone, Senheng's net profit was RM10.7mil compared to RM13.7mil due to operating and administrative expenses despite store disruptions during the movement control order.

       Moving forward, Lim said the group will open new retail stores or upgrade existing ones into more appealing formats.

       Senheng’s IPO exercise entails the public issue of 250 million new shares and an offer-for-sale of 139.5 million existing shares at an issue price of RM1.07 per share.

       Applications for Senheng's IPO will close on Jan 10, 2022 at 5pm. The retailer is expected to list on the Main Market of Bursa Malaysia on Jan 25, 2022.