Mr. DIY revenues grow 9.2 per cent in Q1 2024

It was a solid start of the year for Malaysian home improvement retail chain Mr. DIY after it posted a 9.2 per cent rise in its revenues in the first quarter of the year. The company disclosed that revenues rose to 1.14 bn Malaysian ringgit (MYR, EUR 223.91 mio.) in the January to March 2024 period thanks to having more outlets.

Mr. DIY increased its store network to 1 298 outlets as of end March 2024 from 1 125 branches in the comparative period. “Transaction volume rose in tandem by 15.8 [per cent] to 44.2 million,” as a result of having more locations, the company added. 

The Malaysian operations accounted for the bulk of the sales at RM 1.13 bn, while Brunei contributed the rest.

The first quarter’s take was down 0.3 per cent compared to the company’s sales in the last three months of 2023. “The slight decline can be attributed to the typically high sales in [the fourth quarter of 2023], which coincided with the year-end school holidays and other festivities,”the company explained. 

Mr. DIY stated that it is eyeing opportunities to accelerate growth through “horizontal and vertical acquisitions”. Last year, the company acquired the right to operate Emtop, a power tools and hardware retailer, in Malaysia.  

Mr. DIY also reiterated plans to pursue a “measured” store expansion strategy that includes opening 180 stores this year, and working towards having 2 000 outlets by 2028. “Our growing store network makes us increasingly accessible to more and more Malaysians,”Mr. DIY chief executive officer Adrian Ong said in a statement.

 - by Jennee Grace U Rubrico