MyNews released its fourth quarter and full-year earnings today with revenue for Q4 increasing by RM21.68 million or 11.7%, from RM185.79 million to RM207.47 million. Gross profit increased by RM11.47 million or 17.4%, from RM65.81 million to RM77.27 million, while the margin improved by 1.8%, from 35.4% to 37.2%. Contributing factors to the better performance include increase in number of outlets from 593 to 606, increase in in-store sales brought about by better product mix and
operational improvement.

As for FY2024, the group saw a revenue of RM595 million which was slightly higher compared to the previous year of RM544 million, profit after tax also improved to RM5.6 million from a loss of RM11.6 million.

The group for the quarter said administration expenses increased by RM1.71 million or 19.1%, from RM8.94 million to RM10.64 million, due to the increase in business volume and activities. Similarly, selling and distribution expenses increased from RM36.89 million to RM39.39 million, an increase of RM2.51 million or 6.8%. Other expenses increased by RM1.70 million or 8.7% from RM19.68 million to RM21.38 million, mainly due to the increase in depreciation of right-of-use assets and property, plant and equipment written-off.

Profit before taxation has improved by 461.9%, from a loss of RM1.24 million to a profit of RM4.48 million. The improved quarterly performance translated to the earnings before interest, tax, depreciation (inclusive of the depreciation of right-of-use assets) and amortisation (EBITDA) of RM28.29 million as compared to RM21.45 million in the corresponding quarter

The Board of Directors of Mynews announced a single tier interim dividend of 0.5 sen per share in respect of the year ending 31 October 2024, amounting to RM3,751,770.