KUALA LUMPUR: SSF Home Group Bhd (SSF), a furniture retailer, marked a turnaround in its third quarter ended January 31, 2024 (3Q24), with a net profit of RM2 million against a loss of RM3.64 million in the preceding quarter.
This shift was underpinned by a 20 per cent increase in revenue to RM37.71 million from RM31.32 million in 2Q24, attributed to heightened sales during festive periods, said the company in a statement today.
Its revenue rose by 20.4 per cent to RM37.7 million from RM31.3 million in the corresponding quarter (Q2 FY2024), driven by heightened sales activities during key seasonal periods such as Christmas and Chinese New Year.
SSF Home executive director Lok Kok Khong said in the face of global economic challenges and rising interest rates, SSF's resilient performance this quarter, demonstrated by a significant revenue of RM37.7 million.
"This accomplishment mirrors our strategic flexibility and our steadfast pursuit of excellence despite the prevailing uncertainties," he added.
Lok said with a tempered outlook towards the anticipated 4.5 per cent economic growth in Malaysia for 2024, its strategies remain grounded yet forward-looking.
"The gradual recovery in exports and the steady domestic demand, particularly in the services sector, present opportunities we aim to capitalise on.
"Our cautious optimism is fuelled by the consistent consumer demand and the supportive labour market," he added.
The company opened three additional retail outlets (i.e. Kluang, Seremban and Teluk Intan) in the fourth quarter of FY2024 is a strategic step towards enhancing its market presence thoughtfully and sustainably, reinforcing its commitment to customers.
SSF's share price closed at 28 sen today with a market capitalisation of RM224.0 million.
