KUALA LUMPUR (May 27): 7-Eleven Malaysia Holdings Bhd saw its net profit more than double to RM11.69 million in the first quarter ended March 31, 2021 (1QFY21), from RM4.44 million in the immediate preceding quarter.

In a bourse filing, the group said the higher net profit was due to higher revenue, which increased 1.11% to RM657.13 million from RM591.42 million in 4QFY20.

On a year-on-year basis, the net profit was slightly higher than the RM11.37 million reported in 1QFY2), while revenue rose from RM619.67 million

The convenience store operator did not declare any dividend for the quarter.

On its prospects, 7-Elven said trading conditions and overall consumer sentiment will continue to be influenced by the third Movement Control Order (MCO 3.0) and the progress of the vaccination programme.

“The group will continue to explore opportunities for growth in other channels and innovation in our product offerings. We will also continue to focus on our customer’s needs, pursuing our core strategy pillars of operational excellence, cost management and commercial innovation, at the same time refreshing the 7-Eleven and Caring brands in the minds of customers through refreshed stores, innovations in our pricing, promotions, and developing exciting products," the group said.

It noted that the retail pharmaceutical segment has proven to be a resilient and defensive sector which was bolstered by the pandemic, as consumer focus shifted towards positive health-seeking behaviour and preventive measures.

"Thus, we believe this will continue to augur well for the segment and the group,” it added.

Shares in 7-Eleven closed 1.41% or two sen lower at RM1.40, valuing the group at RM1.73 billion.