SSF HOME GROUP ANNOUNCES RM37.7 MILLION IN REVENUE FOR Q3FY2024, RECORDED RM2.0 MILLION IN PAT

Seasonal Sales Surge Increases Revenue and Profit, Continues to Drive the Group Towards Growth Plans

KUALA LUMPUR, 26 MARCH 2024 – SSF Home Group Berhad (“SSF” or the “Group”), a well-known retailer in furniture, home décor, and home living products, is pleased to announce the financial results for the third quarter of the financial year 2024 (“Q3 FY2024”). The Group reported a notable revenue of RM37.7 million, an increase of 20.4% from RM31.3 million in the immediate corresponding quarter (“Q2 FY2024”), driven by heightened sales activities during key seasonal periods such as Christmas and Chinese New Year.

The Group's Profit After Tax ("PAT") for Q3 FY2024 reached RM2.0 million, marking a substantial turnaround from a Loss After Tax ("LAT") of RM3.6 million in the Q2 FY2024. This remarkable recovery can be attributed to the higher revenue generated and the absence of one-off listing expenses of approximately RM3.2 million that were incurred in the previous quarter.

Mr. Lok Kok Khong, Executive Director of SSF Home Group Berhad commented, “In the face of global economic challenges and rising interest rates, SSF’s resilient performance this quarter, demonstrated by a significant revenue of RM37.7 million and a PAT of RM2.0 million, highlights our brand's enduring strength and our capacity to navigate through adversity. This accomplishment mirrors our strategic flexibility and our steadfast pursuit of excellence despite the prevailing uncertainties.”

He further noted, “With a tempered outlook towards the anticipated 4.5% economic growth in Malaysia for 2024, our strategies remain grounded yet forward-looking. The gradual recovery in exports and the steady domestic demand, particularly in the services sector, present opportunities we aim to capitalise on. Our cautious optimism is fuelled by the consistent consumer demand and the supportive labour market. Our Group has opened three additional retail outlets (i.e. Kluang, Seremban and Teluk Intan) in the fourth quarter of FY2024 is a strategic step towards enhancing our market presence thoughtfully and sustainably, reinforcing our commitment to our customers and our vision for strategic growth.”

As at 26 March 2024, 5:00 P.M., SSF’s share price closed at RM0.28 with a market capitalisation of RM224.0 million.