99 Speed Mart Retail Holdings Berhad (99SMART) Q3 2024 earnings summary

Executive summary

• Revenue for Q3 2024 rose 8.8% year-over-year to RM2.55 billion, driven by outlet expansion and e-commerce growth.

• Net addition of 51 outlets in Q3 brought the total to 2,697; total sales transactions increased 11.9% to 120.2 million.

• Bulk sales online platform contributed RM7.4 million in Q3 revenue after regional expansion.

• IPO completed in September 2024, raising RM660 million for network and distribution expansion.

Financial highlights

• Q3 2024 PAT was RM107.2 million, down 3.5% year-over-year due to RM23.2 million in one-off expenses.

• Normalised Q3 PAT (excluding one-offs) was RM126.0 million, up 13.2% year-over-year.

• 9M 2024 revenue reached RM7.39 billion, up 8.7% year-over-year; PAT was RM365.8 million, up 24.6%.

• Normalised 9M PAT was RM386.0 million, up 31.2% year-over-year.

• Gross profit margin for Q3 was 8.6%, down 0.6 percentage points due to inventory loss adjustments.

Outlook and guidance

• Focus remains on expanding outlet network and optimising revenue streams across Malaysia.

• Bulk sales e-commerce platform expanded to the northern region in November 2024, with positive early results.

• Emphasis on innovation and customer engagement to drive sustained growth.