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MYNEWS Continues to Achieve Record-High Revenue (Q1 FY2024)

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Publish date: Thu, 28 Mar 2024, 07:33 PM
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Recently, renowned Malaysian retail convenience store operator Mynews Holdings Berhad (MYNEWS, 5275) announced remarkable quarterly performance, marking a continuous surge in revenue and profitability. Without further ado, let’s delve into this performance.

Revenue Comparison (YoY +6.20%, QoQ +5.02%)

For the first quarter ending on January 31, 2024, the company generated approximately RM195.51 million in revenue, representing an increase of around 6.20% compared to the same period last year, when revenue stood at RM184.09 million. This growth was primarily attributed to an increase in overall in-store sales. Additionally, Additionally, the company opened one new store during this period, bringing the total store count to 597, further bolstering revenue growth.

Out of the RM195.51 million revenue, approximately RM195.13 million came from retail operations, while the remaining RM0.38 million stemmed from manufacturing operations, specifically the company's Food Processing Center (FPC) business.

Compared to the previous quarter, the company's revenue also saw an increase of approximately RM9.36 million or 5.02%. Although management did not provide specific explanations for the quarter-on-quarter revenue growth, it can be inferred that this growth was also driven by an increase in overall in-store sales and store expansion.

(Note: MYNEWS' fiscal year ends on October 31 each year)

Profit After Tax Comparison (YoY +139.25%, QoQ +33.57%)

Given the strong performance in retail business revenue, the company achieved a net profit of approximately RM1.26 million for the quarter, a significant improvement from the net loss incurred during the same period last year, representing an increase of approximately 139.25%. This substantial profit growth can also be attributed to the higher sales profit margin at CU stores.

Similarly, compared to the previous quarter, the company's net profit showed a growth trend, increasing by approximately RM0.31 million or 33.57%.

It is worth mentioning that the company's FPC business losses have gradually decreased, and it is expected to turn profitable in the future, further enhancing the overall profitability of the company.


Currently, MYNEWS operates a total of 619 outlets in Malaysia, including 468 myNEWS outlets (including 34 Supervalue), 132 CU outlets, and 19 WHSmith outlets. Therefore, the company plans to accelerate store expansion efforts, aiming to open over 100 new stores in the 2024 fiscal year (approximately 70.00% myNEWS outlets and 30.00% CU outlets).

Furthermore, the company will strategically expand its five major retail brands, namely myNEWS, CU from Korea, WHSmith from the UK, SUPERVALUE minimarts, and MARU Coffee. Meanwhile, the company will enhance its internal capabilities, including IT systems, distribution centers, and logistics infrastructure, to effectively support its expanding business.

So, are readers looking forward to the sustainable growth prospects of MYNEWS in the future?


Disclaimer: The above is purely for educational purposes and reflects personal opinions. It does not constitute any buying or selling recommendations.

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