Eco-Shop positive about performance despite price hike
KUALA LUMPUR: Household retailer Eco-Shop Marketing Bhd remains optimistic about its performance despite hiking up product prices to RM2.60 from RM2.40 last month.
Its chief financial officer Chong Yew Kai said the company raised prices to RM2.40 from RM2.20 in 2022 and saw no negative market reaction.
"I see no changes in company performance (after the price increase), it was as per our expectation. So, we are not seeing any different kind of market reaction.
"Of course, (we are in) a transition period (now). Moving forward, we are looking at a very strong performance," he told a press conference after today's listing.
Recently, Eco-Shop posted a higher net profit of RM61.72 million for the third quarter of its financial year ending Feb 28, 2025 (3Q FY2025), compared to RM42.57 million in the same period a year ago.
The revenue increased 17.2 per cent to RM736.35 million in 3Q FY2025 from RM628.41 million previously, driven by the expansion of the group's store network with the opening of 26 new outlets, bringing the total number of stores to 349 in 3Q FY2025 from 278 in 3Q FY2024.
Meanwhile, Eco-Shop chief executive officer and executive director Jessica Ng said the company would evaluate their opportunities to venture into the ASEAN market in the future, as the dollar shop segment in the region is still new.
Dollar shops offer a wide range of products at fixed, low prices and typically carry daily items like household goods, snacks, and personal care products, and may also include items like stationery and hardware.
However, she said the group would likely focus their business expansion in Malaysia for now, so that more Malaysians would have access to affordable products.
As of today, Eco-Shop has 358 stores in Malaysia, comprising 336 Eco-Shop stores and 22 Eco-Plus stores.
Today, Eco-Shop debuted on the Main Market of Bursa Malaysia at RM1.25, a premium of 12 sen from its initial public offering (IPO) price of RM1.13, with 25 million shares traded.
Under its listing exercise, the company had raised RM419.87 million, where RM200 million or 51 per cent would be utilised for distribution centre expansion, RM56.27 million (14.4 per cent) for new store opening, and RM8.52 million (2.2 per cent) for IT hardware and software.
"RM100 million or 25.5 per cent would be utilised to repay bank borrowings, and RM27.32 million (7.0 per cent) for IPO and listing expenses," it said.
At 5 pm, Eco-Shop closed the day trading at RM1.20, seven sen higher than its issue price of RM1.13, with the company also emerging as the most active stock for the day with 209.16 million shares changing hands.
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