KUALA LUMPUR (Oct 9): SSF Home Group Bhd, which is scheduled to be listed on the ACE Market of Bursa Malaysia on Oct 12, has posted a net profit of RM2.65 million on the back of revenue of RM39.3 million for the first quarter ended July 31, 2023 (1QFY2024).

Earnings per share was 0.44 sen, the furniture and home-living product retailer’s bourse filing on Monday (Oct 9) showed.

There are no comparative figures available for the preceding year's corresponding quarter as this is the first interim financial report announced by the company.

In its filing, SSF Home said the group intends to strengthen its presence via its expansion plans to open more retail outlets in various cities in Malaysia, in particular the northern and southern regions of Peninsular Malaysia.

The group plans to establish 18 new retail outlets within 36 months from its listing, saying that expansion into new areas will enable the group to increase the presence of its brand. “Additionally, in order to further strengthen and expand its market share with new customers, the group will continuously launch additional rewards and promotional activities for its existing and new members.”

The group also said its SSFHOME mobile application will be upgraded to include improved user interface with web view access, new payment module to enable purchases to be made over the mobile application, and integration to the group’s new enterprise-wide resource planning system.

“The group expects that the addition of a payment module and improved user interface will enable them to expand their reach and provide customers with an increased channel to purchase the group’s products,” SSF Home added.

Last week, the group said the public offer of its shares under its RM50 million initial public offering has been oversubscribed by 8.25 times.

Upon listing, SSF Home will have a market capitalisation of approximately RM200 million based on the issue price of 25 sen per share and the enlarged share capital of 800 million shares.

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