Mst Golf: MST Golf tees off with RM8.79m net profit for first quarter

PETALING JAYA: MST Golf Group Bhd, the largest specialty retailer of golf equipment in Malaysia, recorded profit after tax of RM8.79 million on the back of RM86.29 million in revenue, with 10.19% in profit after tax margin, for the first quarter ended March 31, 2023 (Q1'23).There are no comparative figures for the preceding corresponding period as this is the first interim financial report announced by the company ahead of its listing on the Main Market of Bursa Malaysia Securities.During the quarter under review, MST Golf and its subsidiaries' retail segment continued to drive group revenue, generating RM61.59 million or 71.37% of the total. The wholesale segment posted revenue of RM21.03 million or 24.37% of the total.The golf-related services and indoor golf segment contributed RM2.44 million or 2.83% and RM1.23 million or 1.43% respectively. Overall, the company registered a gross profit of RM37.20 million with a gross profit margin of 43.11% for Q1'23.MST Golf executive director and group CEO Ng Yap said, "We were fortunate to be in the golf industry during Covid-19 period which had resulted a global golf boom and attracted a significant influx of new golfers, especially from the younger generation and lady golfers. We remain optimistic about our prospects post Covid-19, given the current state of golfing activities including the growing landscape of corporate golf tournaments in the market."He added that their innovative 3-in-1 store concept, which combines their specialty store, golf academy and indoor golf facilities, offers a total golf retail experience for consumers and continues to capture the interest of malls."With available of locations and favourable rental terms, including major shopping malls, we see growth opportunities for our group in Malaysia and Singapore aligning with our expansion plans," he said, adding that they have opened two stores in Penang and Seremban this month, with a third store set to open in Shah Alam in August.Ng said the group is excited about the prospects of its regional expansion plan with its experienced management team and proven business model and management system. In line with its initial public offering, MST Golf plans to expand its golf retail business and is eyeing new markets such as Indonesia, Thailand and Vietnam, which present tremendous growth opportunities for the group.MST Golf will be listed on the Main Market of Bursa Securities on Thursday.