Aeon Co. posts jump in 1Q net profit to RM28.07mil

KUALA LUMPUR: Aeon Co. (M) Bhd recorded a net profit of RM28.07mil in the first quarter ended March 31, 2022, a 27.38% improvement over RM22.03mil in the previous corresponding quarter on improved retail margin and higher impairment of trade receivables in the comparative quarter.

For the quarter under review, the retail and property group registered a total revenue of RM1bil, which was slightly lower compared to RM1.01bil in 1Q21.

By segment, the group said its retail business contributed a 2.5% year-on-year (y-o-y) lower revenue of RM857.4mil due to more consumers spending more time outdoors and dining out instead of cooking at home, although this was cushioned by an improvement in softline.

The property management services segment posted a 7.4% y-o-y higher revenue of RM144.4mil on higher sales commission and temporary space rental in line with consumers returning to physical malls.

"To capture the consumers spending in coming months, the company will accelerate and evolve its digital shift especially to grow adoption of myaeon2go amongst its consumers, create Aeon Living Zone to integrate both online and offline shopping engagement experiences, advance the offering related to health and wellness, as well as to deepen its customer engagement and experience via its Aeon loyalty program and iAeon app.

"The Company will also continue to leverage its ecosystem especially in partnering and collaborating with its tenant partners, suppliers and AEON group of companies to unlock further the value from customer demand, customer experience and to mitigate the supply chain risk," said the group in filing with Bursa Malaysia.