KUALA LUMPUR (May 18): 99 Speed Mart Retail Holdings Bhd (KL:99SMART) expects resilient demand ahead, after the minimarket operator logged record quarterly earnings in the first quarter of its latest fiscal year.

Net profit for the three months ended March 31, 2026 (1QFY2026) rose 30.1% year-on-year to a record high of RM188.56 million, according to the group's bourse filing on Monday, driven by higher sales coupled with a more favourable non-essential product mix.

Quarterly revenue climbed 17.5% to RM3.07 billion from RM2.61 billion, on the net addition of 253 outlets and steady consumer spending on daily essentials. Total sales transactions were up 18%, while average basket size remained stable at RM21.70.

“Our operations continue to benefit from resilient consumer demand, as we provide affordable daily necessities and accessible services to customers nationwide, in line with our Near ‘n Save ethos,” said 99 Speed Mart founder and CEO Lee Thiam Wah.

The group declared a first interim dividend of 2.25 sen per share, amounting to RM189 million, payable on June 16.

99 Speed Mart said the demand environment it currently operates in remains resilient, backed by daily necessities consumption coupled with relatively contained inflation supported by government support measures.

That said, external factors such as fluctuations in global commodity prices and logistics costs may present headwinds amid evolving market conditions, the group noted.

“In this context, demand for essential items is expected to remain stable, albeit at a more moderate pace, reflecting consumers’ increasingly value-conscious purchasing behaviour in a higher cost environment,” it said.

Shares of 99 Speed Mart ended four sen or 1.2% lower at RM3.28 on Monday, valuing the group at RM27.6 billion.