The home improvement retailer’s revenue for the period under review grew 9.2% year-on-year to RM1.14 billion from RM1.05 billion previously, primarily attributed to positive contributions from new stores.

In a Bursa Malaysia filing today, the group said the store network grew by 15.4% in Q1 2024, from 1,125 to 1,298 stores.

CEO Adrian Ong said the group delivered solid growth across all key indicators and for multiple periods, which not only reflected the strength and resilience of their business model but also a compelling value proposition that resonates with Malaysians from all walks of life.

“While inflationary pressures may have abated in recent months, we are conscious that conditions remain challenging for many households.

“We remain committed to making everyday household essentials affordable and accessible to all,” he said.

Ong said the group’s plan in 2024 is to further cement this proximity by opening 180 new stores and surpassing its target of 2,000 stores by 2028.

“The group remains steadfast in its commitment to delivering long-term sustainable growth for all stakeholders.

“It will be via a measured store expansion strategy while also pursuing opportunities through horizontal and vertical acquisitions to accelerate growth,” he added.

MR DIY declared an interim single-tier dividend of RM0.01 per ordinary share, approximately RM94.5 million for FY2024, to be paid on June 21.

At the close of trading, MR DIY’s share price was up by one sen or 0.56% at RM1.79, giving it a market capitalisation of RM16.91 billion.