KUALA LUMPUR (Feb 16): MR DIY Group (M) Bhd's net profit for the fourth quarter ended Dec 31, 2021 (4QFY21) grew by 24.28% to a record high of RM134.55 million from RM108.26 million in the same period of the previous year, on the back of a RM10.7 million gain in operating income during the quarter.

Earnings per share rose to 2.14 sen from 1.74 sen.

In a bourse filing on Wednesday (Feb 16), the home improvement retailer said its quarterly revenue surged by 26.95% to RM975.39 million — also its highest ever — from RM768.33 million previously, largely owed to an increase in total number of stores as well as the lifting of lockdowns and other restrictions imposed in the prior period.

The group declared a single-tier dividend of 0.9 sen per share to be paid on April 1, taking total dividend declared for the financial year to 2.95 sen.

For full FY21, net profit increased by 28.08% to RM431.83 million against RM337.16 million in FY20.

Annual revenue rose by 31.8% to RM3.37 billion from RM2.56 billion in FY20, underpinned by an increase in number of stores, positive contributions from new stores, and a higher average basket size.

On a quarterly basis, net profit rose by 48.92% from RM90.35 million in the immediate preceding quarter (3QFY21) while revenue ticked higher by 27% from RM768.02 million.

Commenting on the group's financial performance, Mr DIY chief executive officer Adrian Ong said the group is pleased to have delivered a strong set of financial results, which reflect the strength and resilience of its business.

"The group remains committed to delivering long-term sustainable growth driven by the inherent strength of the business, an effective strategy of managing new store growth, improving operating efficiencies and most importantly, staying relevant to our customers.

"The group's target for 2022 is to open 180 stores across the four brands, bringing the total number of stores to approximately 1,100," he shared.

Shares in Mr DIY closed four sen or 1.07% higher at RM3.79, giving the company a market capitalisation of RM23.81 billion.

Listed in October 2020, the group's share price has more than doubled from its initial public offering price of RM1.60.