KUALA LUMPUR: MR DIY Group Bhd posted a higher net profit of RM431.83 million for the financial year ended Dec 31, 2021 (FY2021) compared with RM337.16 million in the previous year.

       Revenue rose to RM3.37 billion from RM2.56 billion previously driven by an increase in the number of stores, positive contribution from new stores and higher average basket size, it said in a filing with Bursa Malaysia today.

       The retailer said its store network grew by 23 per cent year-on-year to 900 in Q4 FY2021 from 734 in Q4 FY2020, representing a net growth of 166 stores across its four brands, namely MR DIY, MR DIY Express, MR TOY and MR DOLLAR.

       For the fourth quarter (Q4 FY2021), the company’s net profit climbed to RM134.55 million from RM108.26 million in the same quarter in 2020 while revenue widened to RM975.39 million from RM768.33 previously.

       "The revenue for the fourth quarter is attributable to an increase in the total number of stores as well as the lifting of lockdown and other restrictions which were imposed in the prior period,” it said.

       MR DIY said it has declared a quarterly interim dividend of approximately RM56.5 million for Q4 FY2021, equivalent to a payout ratio of 42 per cent, representing a total cumulative dividend of RM185.2 million for FY2021.

       On prospects, the retailer said it remained confident that it is well-positioned to continue to deliver sustainable long-term growth driven by the inherent strength of the business model, strong unit economics of the flagship MR DIY stores and the ability to execute on strategic initiatives of new store growth.

       "We are committed to delivering value and convenience to our customers, supported by our nationwide network of 900 outlets, breadth of about 18,000 product stock-keeping units (SKUs) and our promise of ‘Always Low Prices’, all of which we expect will resonate with the masses,” it said.

       Meanwhile, chief executive officer Adrian Ong said the company’s cash flow and balance sheet remained solid with net cash flow from operations standing at RM647.7 million whilst its net gearing ratio remained a comfortable 0.01 times.

       He said the retailer targeted to open 180 stores across the four brands in 2022, bringing the total number of stores to approximately 1,100. - Bernama