Revenue rose 9.3% year-on-year (y-o-y) to RM4.36 billion from RM3.99 billion in FY2022, said the home improvement retailer in a filing with Bursa Malaysia today.

“The revenue growth was primarily driven by positive contribution from new stores, which grew by 16.8% y-o-y leading to a corresponding 16% y-o-y increase in total transactions to 165.1 million,” it said.

For the fourth quarter of 2023 (Q4 FY2023), the group’s net profit strengthened 16.6% to RM158.63 million compared to RM136.07 million for the same quarter a year prior.

Meanwhile, revenue rose 7.5% to RM1.15 billion from RM1.07 billion previously.

CEO Adrian Ong said since its initial public offering exercise in 2020, the group’s store network expanded by 111.6% from 593 to 1,255 at the end of FY2023.

He said revenue grew by 70.3% to RM4.4 billion in FY2023 from RM2.6 billion in FY2020.

“More importantly, net earnings have grown by 66.3% to RM560.7 million in FY2023 from RM337.2 million in FY2020.

“This reflects the strength and resilience of our business model, underpinned by the value-for-money offering that resonates with Malaysians from all walks of life,” said Ong.

He said that in the near and mid-term, the group plans to open 180 new stores in 2024 and surpass 2,000 stores by 2028.

MR DIY declared a dividend of RM94.4 million for Q4 FY2023, taking the full year’s dividend payout to RM302.1 million, a 47.9% improvement compared to the previous year.

The full-year dividend is equivalent to a payout ratio of 54% of profit after tax.

At the close of trading, MR DIY’s share price was up by one sen or 0.66% at RM1.53, giving it a market capitalisation of RM14.45 billion.