KUALA LUMPUR (Aug 22): 7-Eleven Malaysia Holdings Bhd (KL:SEM) said its net profit increased 5.9% to RM20.49 million for the second quarter ended June 30, 2024 (2QFY2024), from RM19.35 million a year ago, supported by better revenue and lower administrative and other operating expenses.

Quarterly revenue rose 3.3% to RM751.79 million from RM727.98 million in 2QFY2023, the convenience store operator said in a bourse filing, attributing the rise to the net addition of 94 new stores as well as the Hari Raya Aidilfitri festive effect which spurred consumer spending.

For the first half of FY2024, the group’s total net profit grew 10.1% year-on-year to RM33.33 million, while revenue rose 3.8% to RM1.436 billion.

The group said operating expenses increased by 8.5% to RM36 million, due to its store network expansion which resulted in an increase in store depreciation and information technology maintenance expenses. Its total store count stood at 2,593 as of 2QFY2024.

Looking ahead, 7-Eleven said it will continue to focus on the expansion of its 7-CAFé store format to enhance product offerings, elevate in-store customer experience and drive growth in the fresh food category.

7-Eleven said that with the opening of the highest number of 7-CAFé stores in 2QFY2024, totalling 79, the group has penetrated all the states in Peninsular Malaysia.

“Our ongoing efforts include the continued rollout of our 7- CAFés beyond the Klang Valley, targeted expansions into high-potential areas and building a stronger partnership with our Japanese counterpart to expand fresh food offerings, optimising commissary production yields via best practices in operational efficiencies,” it added.

The group also said it is committed to broadening its private label offerings to cater to the emerging demographic of value-driven consumers who prioritise product quality over brand prestige.

Shares in 7-Eleven Malaysia closed one sen or 0.5% lower to RM1.99, giving the group a market capitalisation of RM2.33 billion.