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KUALA LUMPUR: Consumer electrical and electronics retailer Senheng New Retail Bhd is set to spend RM74.3 million on capital expenditure (CAPEX) for 2022.
Executive chairman Lim Kim Heng said RM49.0 million of the CAPEX will be used to launch 21 new or upgraded stores this year while the remaining RM25.3 million had been utilised to acquire 1.17 hectares of land in Bandar Bukit Raja, Selangor, in May 2022, to support future expansion and upgrading of its warehousing and distribution network.
"We are on track to meet our 2022 store launch target as we execute our expansion swiftly to capture more opportunities amid the recovery in consumer spending.
"The number of new stores for 2022 represents approximately one-third of our total 61 outlets planned from 2022 to 2024,” he said after the annual general meeting of the group today.
The latest expansion includes three refreshed retail brands, Grand senQ in Paradigm Mall Johor Bahru, senQ Elite in Pavilion Elite Bukit Jalil, and Grand Senheng Elite in SS2 Petaling Jaya.
He said the group’s CAPEX will be mainly funded by funds raised via its recent initial public offering on Bursa Malaysia, and complemented by internally-generated funds and bank borrowings.
Lim expressed optimism that the group could increase its market share in the consumer electronics retail sector to 30 per cent in 2025 from 13 per cent in 2020.
Lim also noted that within the next three years, Senheng will only give its full focus on the Malaysian market and it does not plan to penetrate into other countries.
On sales growth, Lim said since the government lifted the movement control order and border restrictions, the group saw a spike in sales transactions.
"At this moment, around 90 per cent of sales are transacted in physical stores. Malaysians love shopping at the stores, to feel the products, look at the colour and more importantly, they want one-to-one consultation,” he said.
On the expectation of whether the group could achieve double-digit growth in the second and third quarters of the financial year 2022, Lim said the group could achieve the projected growth expectation driven by its current sales trend while consumer retail spending is expected to improve as the country adapts to COVID-19 endemicity.
For the first quarter of the financial year 2022, its net earning decreased 26.2 per cent to RM12.06 million from the RM12.06 million recorded in the same quarter last year.
The lower net profit recorded for the quarter was due to higher operating and administrative expenses.
Chief financial officer Eric Mah said on average, operating costs will increase by three to six per cent every year.
"Rising operational costs are felt by all sectors in Malaysia because of the inflation, shipping and supply chains, among others, but we are managing it carefully and actively.