Ssf Home Group Berhad (Malaysia)

The Company was incorporated in Malaysia under the Companies Act 1965 on 24 April 2015 as a private limited company under the name of Smart App Outlet Sdn Bhd. On 18 November 2019, we changed our name to SSF Home Living Sdn Bhd and subsequently on 19 December 2022 to SSF Home Group Sdn Bhd. On 18 January 2023, we converted into a public limited company and adopted our present name.
The Company s principal activity is investment holding. Our Group is principally involved in the retail of furniture, home decor and home living products via our retail outlets as well as our e-commerce website.
The Company was incorporated by 2 subscriber shareholders (unrelated parties), Abdul Rahman bin Ibrahim (50.0 ) and Ng Kee Siang (50.0 ). The latter subsequently disposed his shareholdings to the former in 2017 for a cash consideration of RM1.00. Our Company was dormant upon incorporation until 2018, when Wong Choong Loong, our Managing Director/ Chief Executive Officer and Chin See Kew, our Executive Director each acquired 50.0 shareholdings from Abdul Rahman bin Ibrahim for a cash consideration of RM1.00 each.
In October 2019, our Company acquired SSF Holdings, SSF, SSF Creative Life, SSF Home Furnishing and SSF Home Deco Sdn Bhd (currently known as SFair) for a total purchase consideration of RM72.20 million via the issuance of 72,198,540 new SHG Shares to Wong Choong Loong (58,181,307 Shares), Wong Choong Lian (6,927,129 Shares) and Chin See Kew (7,090,104 Shares). As a result of such acquisitions, Wong Choong Lian, our Executive Director, became a 9.6 shareholder of SHG whereas the shareholdings of Wong Choong Loong and Chin See Kew changed to 80.6 and 9.8 respectively.
1989 - The company incorporated Seven Star Trading (a business specialising in the wholesale of various types of artificial flowers and plants) and commenced our wholesale business operations. Operated the wholesale business from a rented shoplot in Kepong, Selangor (of approximately 1,600 sq ft).
1990 - The company ventured into the retail segment via establishment of a wholesale and retail store (which includes a warehouse) in a rented wholesale and retail outlet located at 33, Jalan Chow Kit, WP, with built-up area of approximately 3,000 sq ft. The wholesale and retail store had product displays which showcase our range of artificial flowers and plants.
1991 - The company relocated our wholesale operations in 33, Jalan Chow Kit, WP to a rented industrial shoplot based in Segambut Industrial Area, WP (with built-up area of approximately 4,200 sq ft) which provided us a larger space.
1994 - A parcel of land at 6, Persiaran Industri, Bandar Sri Damansara, WP to construct a head office cum warehouse; and a shoplot at 19, Jalan Chow Kit, WP earmarked to replace our rented store at 33, Jalan Chow Kit, WP.
1995 - The company relocated our wholesale and warehousing operations from Segambut Industrial Area, WP to a larger rented industrial lot with warehouse in the same area which has a built-up area of approximately 8,000 sq ft. The company ceased our retail operations at 33, Jalan Chow Kit, WP and began operations at our own retail outlet at 19, Jalan Chow Kit, WP. As our business started to grow, the company dissolved Seven Star Trading (a partnership) and ceased its business.
1996 - The company established SSF (a private limited company) and assumed ownership of Seven Star Trading's business. Construction of our head office cum warehouse at 6, Persiaran Industri, Bandar Sri Damansara, WP (“HQ SD”) was completed, which provided us with built-up area of approximately 15,095 sq ft to manage our inventories and to explore products beyond artificial flowers and plants. The company relocated from our rented shoplot in Kepong, Selangor and commenced operations at our then head office cum warehouse, HQ SD. We also expanded our home decor product range to include sculptures and statues.
1997 - The company acquired a building located at 32, Persiaran Industri, Sri Damansara Industrial Park, Selangor with built-up area of approximately 15,798 sq ft, earmarked for our first “SSF Home Deco Mart.
1998 - The company established our retail outlet, branded “SSF Home Deco Mart” located at 32, Persiaran Industri, Sri Damansara Industrial Park, Selangor, with 3- storey of retail space to display our range of home decor products which includes artificial flowers and plants, wedding ceremonial products, sculptures and statues.
1999 - The company expanded into the Southern region by setting up a second “SSF Home Deco Mart” in a rented retail outlet located at 1, Jalan Johor Jaya, Taman Perindustrian Plentong, Johor with a built-up area of approximately 22,160 sq ft.
2000 - The company set up a third “SSF Home Deco Mart” at Jalan Tunku Abdul Rahman, WP with rented retail space of approximately 20,000 sq ft. The company acquired a building located at 2, Jalan TSB 8, Taman Industri Sungai Buloh, Selangor with built-up area of approximately 49,500 sq ft.
2002 - The company disposed our then head office cum warehouse, HQ SD and relocated to our own headquarters cum warehouse located at 2, Jalan TSB 8, Taman Industri Sungai Buloh, Selangor (“HQ TISB”) which we acquired in 2000. The company also established My Curtain Sdn Bhd (now known as SSF Home Furnishing) to include home living as one of our product offerings by providing curtain customisation and accessories.
2003 - The company expanded into the Northern region by setting up our fourth “SSF Home Deco Mart” in a rented retail outlet located at Butterworth, Penang, with built-up area of approximately 16,221 sq ft.
2004 - The company expanded into the Eastern region by setting up a fifth “SSF Home Deco Mart” in a rented retail outlet located at Kuantan, Pahang, with built-up areaThe companyof approximately 16,500 sq ft. The company established a standalone curtain store, “SSF Curtain” at ourThe companyheadquarters cum warehouse in HQ TISB with built-up area ofThe company approximately 4,000 sq ft.
2006 - The company expanded our home decor and home living product offerings to include art paintings, clock, table lamps, scented candles, mirrors and carpets. The company generally placed furniture as props in our retail outlets to showcase our array of home decor and home living products. As the company were getting many enquiries from prospective customers on the sale of our furniture (props), the company expanded our products portfolio to include furniture such as bedframes, sofa, tables, chairs and cabinets
2007 - The company relocated our office and warehousing operations from HQ TISB to a head office cum warehouse (i.e. HQ SB) with built-up area of approximately 59,205 sq ft and commenced operations at HQ SB in the same year.
2008 - The company established SSF Creative Life to expand our retail sale of home living products. The company expanded our home decor product offerings to include lightings. The company established SSF Holdings to manage our trademarks and licencing. The company expanded our existing “SSF Home Deco Mart” located in Taman Perindustrian Plentong, Johor by another 22,162 sq ft, providing us with a combined built-up area of 44,324 sq ft. The rented retail outlet was redesigned to introduce concept displays such as Victorian, Classical, Modern Contemporary and English Country themes showcasing our array of furniture, home decor and home living product offerings.
2009 - With the introduction of concept displays in our other retail outlets and increased product range, the company repositioned our retail branding from “SSF Home Deco Mart” to “SSF Creative Lifestyle Hub” and “SSF Creative Lifestyle Hub Home Deco”. We also rebranded our curtain store from “SSF Curtain” to “SSF Creative Lifestyle Hub Curtain”.
2010 - The company expanded our furniture and home living product offerings to include console tables and kitchenware.
2013 - The company embarked on another retail rebranding exercise and introduced “SSF” as our new corporate identity.
2016 - The company established our own online SSF e-commerce website.
2018 - The company expanded our concept displays to include additional themes/concepts such as Country Home, Oriental with Classical and Vintage Home. We became a 70.0 shareholder of SSF Delanco, a company involved in the retail of furniture, home decor and home living products in Sabah. To accommodate our expansion in retail outlets and product offerings, we rented a warehouse in Glenmarie, Selangor (“Glenmarie Warehouse”) with warehouse space of approximately 77,046 sq ft.
2019 - With increased market presence and product offerings, the company introduced our new retail branding “SSF – Great Lifestyle Made Affordable”. The company introduced house displays in our retail outlet at The Scott Garden, WP. The retail outlet includes 7 mock-up houses, where each house features common rooms such as bedroom, living room, dining room and bathroom, where our comprehensive range of products are displayed in various settings and styles. House displays were subsequently adopted in our other retail outlets. The company rented an additional warehouse in Sungai Buloh, Selangor (“SB Warehouse”) with warehouse space of approximately 25,900 sq ft.
2020 - The company relocated our warehousing operations from SB Warehouse to Port Klang Warehouse with warehouse space of approximately 100,000 sq ft.
2021 - The company introduced new retail branding, SSFHOME to strengthen our position as a retail home furnishing player. The company set up a new rented retail outlet SSFHOME at MyTown Shopping Complex in WP with built-up area of approximately 55,000 sq ft to showcase our complete product range displayed in various concept and house displays styles and features. SHG became the sole shareholder of SSF Delanco following the acquisition of the remaining 30.0 shareholdings from the then existing shareholders.
2022 - The company relocated our office operations from HQ SB to our current rented headquarters in Sunway Nexis, Petaling Jaya, Selangor with built-up area of approximately 2,949 sq ft. We consolidated our warehousing operations from HQ SB, Glenmarie Warehouse, Port Klang Warehouse and Klang Warehouse into our existing rented central warehouse centre located at Hap Seng Business Park, Shah Alam, Selangor with built-up area of approximately 268,593 sq ft.
Due to the outbreak of COVID-19, the Government implemented various stages of MCO to curb the spread of COVID-19 pandemic. During MCO 1.0, our operations were temporarily suspended and all our employees were restricted from working in our premises including our office, warehouse and retail outlets between 18 March 2020 to 3 May 2020. We gradually resume operations with 50.0 workforce capacity after obtaining the approval from MITI on 6 May 2020 for Peninsular Malaysia and 11 May 2020 for East Malaysia. During FMCO, our retail operations were temporarily suspended and work from home arrangements were implemented for our headquarters-based employees with no more than 30.0 of management staff allowed in the headquarters. Throughout the NRP Phase 1 to Phase 4, we continued to operate with different workforce capacity during each phase of the NRP as permitted by MITI. The company gradually resumed operations during the NRP Phase 1, when the company obtained the approval from MITI in August 2021 with 60.0 workforce capacity. Subsequently, the company increased our workforce capacity to 80.0 during NRP Phase 2 and 3. The company resumed full workforce capacity during NRP Phase 4.
When the MCO 1.0 was first imposed in March 2020, our supply chain was disrupted due to abrupt closure of economic activities. As our supplies are also sourced overseas, we experienced longer customs clearance period as a result of port congestion, which led to additional demurrage and detention charges of RM0.14 million in FYE 2020. However, we did not experience material disruption in terms of meeting our customers' demands or delivery as our retail operations were also temporarily suspended during the period. Separately, we took longer to fulfil our sales orders from online channel during this period (i.e. lead time of approximately 7 to 10 days, increased to approximately 21 days) as interstate travel restrictions and lower workforce capacity were allowed in Peninsular Malaysia, which limited our ability to deliver our products. In order to mitigate delays in incoming inventory as a result of delays in customs clearance and logistic delay due to travel restrictions, we increased our inventory levels.
Save as disclosed below, the business interruptions faced during MCO 1.0 and FMCO until NRP Phase 1 where we suspended our retail operations temporarily, we did not experience any other material adverse impact to our financial performance from the imposition of the various stages of MCOs. In FYE 2020, as a result of MCO 1.0, we experienced shorter operation period of approximately 10.5 months due to closure of business activities in mid-March 2020 and April 2020. Our revenue then increased by approximately 60.8 from RM129.38 million in FYE 2020 to RM208.07 million in FYE 2021, mainly attributable to the resumption of business activities in FYE 2021 where we were able to operate for a full 12 months.
However, our revenue decreased by 22.6 in FYE 2022 to RM160.99 million, mainly attributed to the imposition of FMCO that led to the closure of businesses in June and July 2021, which resulted in lower revenue generated during FYE 2022 as business activities was only in operations for approximately 10 months. Overall, despite the year-on-year fluctuations arising from the imposition of the various stages of MCO, we recorded a revenue growth of 24.4 for FYE 2022 compared to FYE 2020. Arising from the imposition of FMCO in June and July 2021 (FYE 2022), our Group's total revenue increased by RM13.48 million to RM174.47 million in FYE 2023 due to uninterrupted business operations and increase in number of active members.
Malaysia entered into the “transition to endemic” phase of COVID-19 beginning 1 April 2022, whereby COVID-19 restrictions and SOPs were further relaxed. We did not experience material impact on our operations since the commencement of the “transition to endemic” phase. Notwithstanding the above, we continued to implement in-house COVID-19 related SOPs to reduce the risk of COVID-19 infections amongst our employees.