99 Speed Mart Retail Holdings Berhad which is set for the biggest IPO on Bursa thiss year announced its second quarter results for the financial year ending 31 December 2024 with a revenue of RM2.4 billion, reflecting a RM183.3 million or 8.2% year-on-year increase compared to the second quarter of the financial year ended 2023.
The company said the increase a mainly attributed to higher sales led by the contribution from new outlets and positive impact from the bulk sales e-commerce platform. Correspondingly, 99 said its total sales transactions also rose by 12.9% to 113.8 million transactions y-o-y, partially offset by a lower average basket size, which reduced by 4.2% to RM21.30.
Gross profit grew by RM44.5 million or 23.5% to RM234.0 million in line with the increase in revenue while GP margin improved by 1.2% primarily due to higher promotional discounts and prompt payment discounts for the goods purchased.
Additionally, profit before tax recorded a significant y-o-y surge of RM66.8 million or 65.0% to RM169.5 million while profit after tax rose by RM50.0 million or 66.3% to RM125.5 million mainly due to the reasons stated above and the upward adjustment of the DC fee rates charged to the suppliers for the handling of products starting from the first quarter of the financial year ending 31 December 2024.
For the 6-months period ended 30 June 2024, 99 Holdings' revenue rose by 8.6% y-o-y, registering a cumulative revenue of RM4.8 billion while PBT increased by 41.5% to RM347.9 million and PAT grew by 41.6% to RM258.7 million.
99 Holdings' Founder and Chief Executive Officer Lee Thiam Wah said, "With the listing, we are excited about the new opportunities it will unlock, enabling us to accelerate our growth trajectory. The 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.
99 Holdings is scheduled to be listed on the Main Market of Bursa Securities on 9 September 2024 with a market capitalisation of approximately RM13.9 billion based on the final retail price of RM1.65 and its enlarged share capital of 8.4 billion shares upon listing.