7-Eleven posts RM12.9m net profit for third quarter
ORevenue for the period comes in higher at RM677.1m
PETALING JAYA: 7-Eleven Malaysia Holdings Bhd posted a net profit of RM12.91 million for the third quarter ended Sept 30, 23.9% lower than the RM17 million in the previous corresponding quarter, reflecting the impact of the Covid-19 pandemic as operations and stores’ operating hours are restricted.
Revenue for the quarter stood higher at RM677.12 million, from RM594.16 million previously.
“We are confident that the continuous implementation and improvement of our strategy roadmap in strengthening the key areas of assortment, supply chain, operational excellence, store base and digitally enabling the organization as well as synergistic opportunities with our strategic acquisition of Caring Pharmacy will continue to deliver positive returns and ensure that the Group maintains it positive trajectory,” said CEO Colin Harvey.
For the nine-month period, the group saw a net profit of RM25.32 million, from RM42.71 million previously, while revenue increased to RM1.95 billion from RM1.77 billion.
Revenue from the convenience stores declined by RM131.8 million or 7.5%, primarily driven by lower sales in Q2 and Q3 as a result of the MCO and the CMCO. Excluding expenses incurred in the corporate exercise, the convenience store segment recorded a core profit after tax of RM37.5 million.
Corporate exercise expenses incurred for the period amounted to RM21.6 million.
In the pharmaceutical segment, Caring Group contributed a revenue and profit after tax of RM311.3 million and RM13.9 million respectively for the six months ended Sept 30. Looking ahead, the group said it is taking a cautious view over the outlook for the last quarter of 2020 due to the persevering effects of Covid-19 and the measures necessary to control the pandemic.
“Nevertheless, the group will continue to explore opportunities for growth in other channels and innovate in our product offerings. We will also continue to focus on our customers’ needs, pursuing our core strategy pillars of operational excellence, cost management and commercial innovation, at the same time refreshing the 7Eleven and the Caring brands in the minds of customers through refreshed stores, innovations in our pricing, promotions, and developing exciting products,” it added.