Furniture retailer SSF Home Group Bhd posted a net profit of RM2 million in its third quarter ended Jan 31, 2024 from a loss of RM3.64 million in 2QFY2024 on a revenue of RM37.71 million against RM31.32 million.

KUALA LUMPUR (March 26): Furniture retailer SSF Home Group Bhd announced its maiden dividend of half a sen per share or RM4 million, as the group returned to profit in its third quarter ended Jan 31, 2024 (3QFY2024) on better revenue.

Quarterly net profit came in at RM2 million or 0.25 sen per share, on a revenue of RM37.71 million — up 20% quarter-on-quarter (q-o-q) from RM31.32 million in 2QFY2024 — on higher sales during festive seasons.

The group booked losses of RM3.64 million or 0.57 sen in 2QFY2024.

The latest quarter pushed SSF back to profit for the nine-month period ended Jan 31 (9MFY2024), with a bottom line of RM988,000 or 0.15 sen on revenue of RM108.34 million.

The group opened two retail outlets in the Southern region and one retail outlet in the Northern region respectively in the fourth quarter of last year.

SSF, which was listed on Oct 12 last year, has earmarked 70% from the RM50 million raised in its IPO for the setup of six retail outlets each year across a three-year period.

The group currently operates 43 retail outlets with the latest additions.

Shares of SSF closed half a sen or 1.8% lower at 28 sen, giving it a market capitalisation of RM224 million.