Latest news with #RM1.21bil
The Star
3 days ago
- Business
- The Star
MR DIY quarterly revenue hits RM1.2bil
PETALING JAYA: MR DIY Group (M) Bhd – now with over 1,500 stores countrywide – expects no material impact on its business operations despite ongoing market volatility stemming from geopolitical tensions, tariff adjustments and changes to domestic policies, including the revised sales and service tax and the 2% Employees Provident Fund contribution for foreign workers. In a filing with Bursa Malaysia, the homegrown retailer said it will continue to expand its retail footprint in 2025 by launching new stores across its core and sub-brands. 'The group remains focused on delivering long-term, sustainable value to stakeholders through strategic investments in growth and technology to enhance operational efficiency,' it noted. In the second quarter ended June 30, 2025 (2Q25), MR DIY opened 31 new stores, bringing its total to 1,502 – up 12.1% year-on-year (y-o-y). Thanks to the expansion, MR DIY saw its topline inch up by 1.5% to RM1.21bil during the quarter from RM1.2bil in 2Q24. 'This growth came off a high base in 2Q24, which had benefited from the Hari Raya festive season,' the group noted. Net profit for the quarter under review was up 2.2% to RM158.58mil from RM155.21mil in 2Q24, on the back of higher revenue and improved margin. Gross profit margin climbed 2.2 percentage points to 47.7%, aided by lower average inventory costs following the ringgit's strengthening against the US dollar and Chinese yuan. Additionally, MR DIY said total transactions during the quarter rose 5% y-o-y to 48.5 million. But this, it said, was offset by a 3.3% decline in average basket size, mainly due to fewer items per transaction. Furthermore, administrative and other operating expenses rose 9.7% and 9.9% y-o-y to RM53.4mil and RM309.9mil, respectively, reflecting higher staff costs from the minimum wage revision effective Feb 1, 2025, as well as increased utility costs and asset depreciation in line with store expansion. For the first half of its financial year 2025 (1H25), MR DIY's revenue rose 5.7% to RM2.47bil from RM2.34bil in the previous corresponding period, also thanks to an expanded store network. Furthermore, total transactions for the half grew 7% y-o-y to RM96.7mil, partially offset by a 1.2% y-o-y decline in average basket size. Net profit for 1H25 rose 10.9% to RM332.73mil from RM300.09mil in 1H24, while gross profit margin improved to 47.8% from 45.7% in the previous corresponding period. Administrative and other operating expenses increased by 13.7% and 10.8% y-o-y, respectively. On top of that, the group declared a dividend of 1.5 sen per share for 2Q25, totalling RM142.1mil or 89.6% of profit after tax. This brings total dividends for 1H25 to 2.9 sen per share, up from 2.2 sen in the previous corresponding period. Shares of MR DIY rose one sen, or 0.63%, to close at RM1.60 yesterday.
The Star
4 days ago
- Business
- The Star
MGB Bhd secures RM186MIL contract for 802 units of service apartments in Medini, Johor
PETALING JAYA: Leading construction, property development solutions provider and manufacturer of precast concrete products, MGB Bhd (MGB), announced on Aug 12 that its wholly-owned subsidiary, MGB Construction & Engineering Sdn Bhd, was awarded a construction contract valued at RM186mil by CI Medini Sdn Bhd for the development service apartments in Medini, Iskandar Puteri, Johor. The project is expected to commence by Sept 1, consisting of a seven-storey car park podium, a guard post, a facilities floor, and two towers, which comprise Tower A (32 storeys, 405 units) and Tower B (31 storeys, 397 units). The contract value replenishes MGB's existing construction orderbook, increasing it from RM1.07bil as of July 31 to approximately RM1.21bil. The project also builds on MGB's growing portfolio in Johor, adding to the on-going development of Pangsapuri Saujana Indah in Johor Baru and the completed Laman Bayu project in Batu Pahat. Commenting on the contract award, the group's executive chairman Tan Sri Ir Dr Lim Hock San said, 'We are honoured to be entrusted with the responsibility for this Project. This award is a significant milestone for MGB's Southern Region developments, as we expand our presence in the region. Medini is a thriving township with great potential, and we are enthusiastic about completing the Project and leaving our mark on its growth.' MGB Bhd executive chairman Tan Sri Ir Dr Lim Hock San. Additionally, the award enhances MGB's pipeline of construction jobs and reinforces its commitment to delivering quality homes that enhance living spaces and build communities while creating long-term value for stakeholders. It continues to demonstrate resilience and competitiveness, bolstering market confidence while expanding its reach into strategic regions. The group also deepens its collaboration with reputable developers and strengthens its positioning for future growth opportunities, both within Johor and nationwide. Established in 2007, MGB Bhd is a subsidiary of LBS Bina Group Berhad that has evolved into a construction and property development solutions provider, primarily focusing on providing efficient and cost-effective solutions across a wide range of industries, in particular building mass market and affordable living spaces for generational living in Malaysia. Through its subsidiaries, the group provides a full range of design, construction and development services including design and build, project management, civil engineering, value engineering, geotechnical specialisation, and manufacturing in Industrialised Building System (IBS) precast concrete products. CI Medini Sdn Bhd is an affiliated company of the Creed Group, a real estate firm from Japan specialising in principal investment and property management.
The Star
4 days ago
- Business
- The Star
MGB wins RM186mil building job
PETALING JAYA: MGB Bhd has accepted a letter of award from CI Medini Sdn Bhd for the development of two service apartment buildings in Medini, Iskandar Puteri, Johor Baru, worth RM185.99mil. In a filing with Bursa Malaysia, the construction and property development firm said the first phase will consist of a 32-storey block comprising 405 apartment units; a multi-storey podium car park and guardhouse. Construction will commence on Sept 1, 2025 and be completed by Nov 30, 2027. Meanwhile, the second phase will comprise a 31-storey block comprising 397 apartment units. MGB said construction will take up to 18 months. 'The contract will increase and enhance the existing order book of the company and its group of companies. 'With the contract in hand, the group's current outstanding order book is of approximately RM1.21bil,' it said.
The Star
5 days ago
- Business
- The Star
MGB wins RM186mil service apartment job
PETALING JAYA: MGB Bhd has accepted a letter of award from CI Medini Sdn Bhd for the development of two service apartment buildings in Medini, Iskandar Puteri, Johor Baru, worth RM185.99mil. In a filing with Bursa Malaysia, the construction and property development firm said the first phase will consist of a 32-storey block comprising 405 apartment units; a multi-storey podium car park and guardhouse. Construction will commence on Sept 1, 2025 and be completed by Nov 30, 2027. Meanwhile, the second phase will comprise a 31-storey block comprising 397 apartment units. MGB said construction will take up to 18 months. 'The contract will increase and enhance the existing order book of the company and its group of companies. 'With the contract in hand, the group's current outstanding order book is of approximately RM1.21bil.' MGB said the contract will have no effect on the issued share capital of the company but it is expected to contribute positively to its earnings and net assets per share over the duration of the contract.
