The higher net profit was driven by improved sales contributions, better discount achievements, and other operating income rates from the suppliers, said the home-grown mini market chain retailer in a Bursa Malaysia filing today.

Revenue also improved by 8.2% to RM2.41 billion from RM2.23 billion previously, primarily attributed to the positive contributions from outlet expansion.

“The group had a net addition of 59 outlets, bringing the total number of outlets to 2,646 as at June 30, 2024.

“There was also a positive impact from the bulk sales e-commerce platform which was officially launched in December 2023, which contributed to an incremental revenue of approximately RM2.6 million to the group in Q2 2024,” said 99 Speed Mart.

Correspondingly, total sales transactions rose by 12.9% to 113.8 million transactions in the quarter under review against Q2 2023.

In a separate filing, 99 Speed Mart’s founder and CEO Lee Thiam Wah said the robust results have reflected the resilience of its business model.

“Our strong financial performance underscores our commitment to providing greater convenience and value to our customers.

“Our upcoming listing on the Main Market of Bursa represents a pivotal milestone for the company as we continue to drive sustainable growth and deliver long-term value for our stakeholders,” he said.

Lee expressed excitement about the new opportunities the listing will unlock, which will enable them to accelerate their growth trajectory.

“Proceeds from the listing will be strategically utilised to expand our market presence and solidify our market-leading position in the mini-market industry in Malaysia,” he added.

The company said the listing on the Main Market of Bursa is scheduled for September 9, 2024, with a market capitalisation of approximately RM13.9 billion based on the final retail price of RM1.65.

“The listing will feature an enlarged share capital of 8.4 billion shares,” it said.