Latest news with #RM143.18
New Straits Times
a day ago
- Business
- New Straits Times
EPF takes substantial stake in 99 Speed Mart in first investment
KUALA LUMPUR: The Employees Provident Fund (EPF) has emerged as a substantial shareholder in 99 Speed Mart Retail Holdings Bhd after acquiring a 5.02 per cent stake in the home-grown mini market chain via a direct off-market deal. A filing with Bursa Malaysia today showed that EPF purchased 421.79 million shares on June 4, marking its first investment in the company. Details of the seller and transaction price were not disclosed. However, based on 99 Speed Mart's closing price of RM2.06 on the day of the transaction, the block is estimated to be worth RM868.89 million. Founder and chief executive Lee Thiam Wah remains the largest shareholder with a 79.68 per cent stake. At the close today, 99 Speed Mart's shares were up 0.48 per cent or one sen to RM2.10, valuing the company at RM17.64 billion. The company made its Main Market debut on Sept 9, 2024, at an initial public offering (IPO) price of RM1.65, marking Malaysia's largest IPO in seven years. Just months later, it was added to the FBM KLCI component list in December. 99 Speed Mart saw its net profit rose 7.53 per cent year-on-year (YoY) to RM143.18 million in the first quarter ended March 31, 2025 (1Q25), supported by stronger retail sales and store expansion. The company added 246 outlets YoY, bringing its store count to 2,833.
New Straits Times
16-05-2025
- Business
- New Straits Times
99 Speed Mart's 1Q25 net profit rises to RM143mil
KUALA LUMPUR: 99 Speed Mart Retail Holdings Bhd's net profit for the first quarter ended March 31, 2025 (1Q 2025) rose to RM143.18 million from RM133.15 million in the same period last year. Revenue for the quarter under review increased to RM2.61 billion from RM2.43 billion previously, marking a 7.7 per cent rise, driven by the year-on-year expansion of 246 new outlets, bringing the total number of outlets to 2,833 as at March 31, 2025. In a filing with Bursa Malaysia today, the home improvement retailer said the higher revenue led to an 11.3 per cent increase in gross profit to RM314.5 million, accompanied by a slight improvement in the gross profit margin. "(This was) mainly due to the increase in promotional discounts and achievement of target incentives in the 1Q 2025," it said. On prospects, the group said it remains committed to promoting affordability and accessibility. "This commitment is reflected in our pricing strategies, carefully curated product selections, and strategic outlet placements, ensuring that everyday essentials remain within reach for all segments of the community. "Through this approach, we aim to enhance customer convenience and support cost-conscious households, while reinforcing our role as a trusted and inclusive retail brand," it said. The company said it is targeting the commencement of operations for a new distribution centre in Cyberjaya, Selangor, by the 2Q 2025. "With a built-up area of approximately 120,000 square feet, this facility is expected to support around 200 outlets in and around the Cyberjaya region, while further enhancing the distribution capacity of our bulk sales e-commerce platform," it said. The company also declared a first interim dividend of 2.25 sen per ordinary share, amounting to approximately RM189.0 million, in respect of the financial year ending Dec 31, 2025, payable on June 9, 2025.
