Malaysia’s Mr. DIY posts 13 per cent increase in revenue

Malaysian home improvement retailer Mr. DIY posted a 13 per cent increase in revenue in 2020 despite grappling with stringent restrictions imposed on the country in the early part of the year due to the Covid-19 pandemic. In a statement posted on the Malaysian stock exchange, Mr. DIY said that it earned revenues of MYR 2.56 bn (Malaysian ringgit; EUR 524.88 mio) for the full year. Profit after tax reached MYR 337.2 mio, up six per cent. Earnings were boosted by a strong final quarter, with Mr. DIY seeing revenues of MYR 768.3 mio - up 25 per cent - and profit after tax of MYR 108.3 mio, 19 per cent higher than the same period in the previous year. "The robust results were achieved despite mandatory store closures in March and April 2020 as a result of the Movement Control Order and Conditional Movement Control Order (collectively 'CMCO')," the company said, adding that the costs incurred by its initial public offering last October likewise limited earnings growth. According to the company, same store sales were "strong" during the second half of the year and revenues from new stores also contributed to the boost in earnings. The retailer, which operates Mr. DIY shops as well as outlets of toy retailer Mr. Toy and dollar store Mr. Dollar, opened 149 locations and closed eight. Of these, 96 were Mr. DIY stores. By year end, the company had 734 stores, of which 683 were Mr. DIY outlets. This was up from 579 locations in 2019. It plans to open another 175 branches across the three brands this year.