SSF Home Group Berhad Announces Q2 FY2025 Financial Results

Expansion Strategy and Consumer Spending Outlook Position Group for Resilience

KUALA LUMPUR, 20 DECEMBER 2024 – SSF Home Group Berhad (“SSF” or the “Group”), a well-known retailer in furniture, home décor, and home living products, today announced its financial results for the second quarter ended 31 October 2024 (“Q2 FY2025”).

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For the quarter, the Group recorded revenue of RM30.09 million, reflecting a slight decline of 3.9% compared to the corresponding period last year (“Q2 FY2024”). This reduction was primarily attributed to a decline in sales due to the inflation which had influenced the customer sentiment.

Despite this, the Group reported a significant decrease in loss before tax, which reduced to RM2.47 million in Q2 FY2025 from RM3.63 million in the Q2 FY2024. Higher loss before tax in Q2 FY2024 was mainly attributed to the one-off listing expenses approximately RM3.2 million related to the Company’s initial public offering. Meanwhile, the loss before tax in Q2 FY2025 was primarily due to a lower gross profit generated from lower sales and higher depreciation charge for Right-of-Use assets.

In line with the Group's strategic focus on expansion, SSF successfully opened its 43^rd retail outlet in Danga Utama, Johor Bahru, in August 2024, followed by its entry into East Malaysia with the opening of its 44^th outlet in Kota Kinabalu, Sabah, in October 2024. These new outlets underscore SSF’s commitment to increasing accessibility to its home furnishing offerings and meeting the growing demands of diverse customer bases in high-growth cities.

Mr. Lok Kok Khong, Executive Director of SSF Home Group Berhad commented, "Our strategic expansion and operational adjustments are designed to navigate the current challenges while positioning us to capitalise on the recovering economy and favorable consumer trends. As we continue to grow, we remain focused on delivering value to our customers and shareholders."

Looking ahead, the Group remains optimistic about the retail sector's recovery, supported by enhanced consumer purchasing power driven by initiatives under Budget 2025. These include RM13 billion in cash transfers through the Sumbangan Tunai Rahmah and Sumbangan Asas Rahmah programs, as well as an increase in the monthly minimum wage to RM1,700 starting February 2025, benefiting a broad segment of the population.