KUALA LUMPUR (Feb 27): Mr DIY Group (M) Bhd said its net profit declined 7.2% to RM147.2 million for the fourth quarter ended Dec 31, 2024 (4QFY2024) from RM158.63 million a year earlier, due to higher costs related to the group's business expansion and growing store network.

The group’s administrative and other operating expenses increased by 25% and 12% to RM55.7 million and RM291 million, respectively, largely due to higher staff costs, utilities, and depreciation of right-of-use assets and fixed assets, said the home improvement retailer.

Other expenses that rose included RM4.9 million related to the operation of new automated warehouses and other warehouse facilities, the group added in an announcement to Bursa Malaysia.

Quarterly revenue rose 2.6% to RM1.18 billion from RM1.15 billion in 4QFY2023, driven by a 13.8% increase in store count, which expanded to 1,435 from 1,261 outlets.

Mr DIY declared an interim dividend of 1.8 sen per share for the quarter, amounting to RM170.3 million, to be paid on March 28.

This brings the total payout for FY2024 to five sen per share, amounting to RM472.9 million, up from 3.2 sen per share (RM264.25 million) in FY2023, making it the highest payout since the group's listing in October 2020.

For the full financial year, Mr DIY's net profit grew 1.5% to RM568.94 million from RM560.68 million in FY2023, as revenue climbed 6.7% to RM4.65 billion, from RM4.36 billion.

In a statement, Mr DIY chief executive officer Adrian Ong described 2024 as a year of both moderation and strategic opportunity. He noted that while consumer sentiment and household disposable income remained weak, the group used this period to refine its approach — reassessing its product mix, strengthening its value proposition, and deepening customer engagement.

“We have actively diversified our offerings through meaningful collaborations with like-minded, growth-focused retailers and established local brands, ensuring we stay ahead of evolving customer needs,” Ong said.

He added: "Our confidence in long-term growth remains unwavering.”  

Shares of Mr DIY closed up four sen or 2.6% at RM1.58 on Thursday, giving the retailer a market capitalisation of RM14.58 billion. The counter has declined over 15% year-to-date.