99 Speedmart's 3Q net profit falls to RM107.16m

The net profit of 99 Speed Mart Retail Holdings Bhd’s for the third quarter ended Sept 30, 2024 (3Q 2024) fell to RM107.16 million from RM111.05 million in 3Q 2023.

Revenue, however, jumped by 8.8 percent to RM2.55 billion from RM2.34 billion previously, primarily driven by the expansion of the outlet’s network, the company said in a filing with Bursa Malaysia yesterday.

During the quarter under review, the group saw its number of outlets increase by 51, bringing its total outlets to 2,697 outlets as of Sept 30, 2024.

“Correspondingly, total sales transactions rose by 11.9 percent year-on-year (y-o-y) to 120.2 million transactions in 3Q 2024 compared to 3Q 2023, although this was partially offset by a smaller average basket size, which reduced by 2.8 percent to RM21.20.

“The group’s bulk sales online platform, launched in December 2023, was rolled out beyond the Klang Valley to the southern region of Peninsular Malaysia in July 2024 and has further strengthened the positive impact of the platform, contributing approximately RM7.4 million in incremental revenue during 3Q 2024,” it added.

For the nine-month period ended Sept 30, 2024 (9M 2024), 99 Speed Mart’s revenue net profit rose to RM365.84 million y-o-y from RM293.69 million in 9M 2023, while revenue increased to RM7.39 billion from RM6.80 billion previously.

On prospects, the group said it remained steadfast in its endeavour to expand its outlet network nationwide, with a particular emphasis on optimising revenue streams and enhancing operational efficiency.

“These factors are essential in driving robust financial performance and augmenting shareholder value.

“As we continue to navigate the complexities of the marketplace, the focus remains on fostering innovation and enhancing customer engagement to drive sustained growth,” it added.

- Bernama

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