MyNews 1Q Turns to Black, Plans Aggressive Retail Expansion

The Malaysian Reserve ·  Mar 26 18:48

MyNews Holdings Bhd reported a net profit of RM1.27 million for the first quarter ended January 31, 2024 (1Q24), a significant turnaround from a net loss of RM3.21 million in the same quarter last year, driven by robust sales growth.

Quarterly revenue surged by 6% year-on-year to RM195.52 million, up from RM184.09 million previously.

In a bourse filing today, the convenience store operator expressed confidence that it has weathered the worst, marking its second consecutive profitable quarter.

Looking forward, the company aims to accelerate the expansion of its five retail brands — myNEWS, CU, WHSmith, SUPERVALUE minimart, and MARU Coffee.

With 619 outlets currently operational, including 468 myNEWS outlets, 132 CU outlets, and 19 WHSmith outlets, MyNews anticipates further revenue growth in tandem with its expanding store network and ongoing efforts to boost in-store sales.

Shares in MyNews saw a 2.97% increase, rising by 1.5 sen to 52 sen today's market close, with the group's market capitalization reaching RM390.2 million.

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