SSF HOME GROUP RECORDS 212.6% PAT GROWTH IN Q4FY2024

Strong Seasonal Sales Drive Significant Revenue and Profit Growth, Bolstering Strategic Expansion Plans

KUALA LUMPUR, 27 JUNE 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 its financial results for the fourth quarter of the financial year 2024 (“Q4 FY2024”). The Group reported an impressive revenue of RM50.6 million, a substantial 34.1% increase from RM37.7 million in the immediate preceding quarter (“Q3 FY2024”), driven by heightened sales activities during key seasonal periods such as Chinese New Year and Hari Raya Aidilfitri.

Most notably, the Group's Profit After Tax ("PAT") for Q4 FY2024 reached RM6.2 million, marking a significant improvement of 212.6% from a PAT of RM2.0 million in the immediate preceding quarter (“Q3 FY2024”). This significant growth in profitability is attributed to increased revenue in the current quarter.

For the full financial year ending April 30, 2024 (“FY2024”), SSF recorded a total revenue of RM158.9 million and a PAT of RM7.2 million. This solid performance throughout the year underscores the Group's ability to execute its strategies effectively, navigate market challenges, and maintain steady growth.

Mr. Lok Kok Khong, Executive Director of SSF Home Group Berhad commented, "The positive performance of SSF Home Group this quarter, with a revenue surge to RM50.6 million and recording a PAT of RM6.2 million, underscores our resilience and the unwavering strength of our brand. Our continuous efforts in innovation and performance enhancements reflect our ability to leverage Malaysia’s economic resilience and consumer market growth effectively. Looking forward, bolstered by Malaysia's anticipated economic growth of 4.0% to 5.0% in 2024, and a promising 7.5% increase in retail trade, we are emboldened in our strategic direction.”

He added, "We are navigating through a period of dynamic growth and strategic expansion, capitalising on Malaysia's robust economic environment and vibrant retail sector. With our ongoing efforts in enhancing consumer engagement and our proactive adaptation to market demands, SSF is well-positioned to harness the potential of the rising consumer power bolstered by the flexibility of EPF Account 3 withdrawals. I am optimistic that these strategies will significantly propel our growth and strengthen our market presence in the future."

As at 27 June 2024, 5:00 P.M., SSF’s share price closed at RM0.365 with a market capitalisation of RM292.0 million.