Aeon Credit stays vigilant amid economic challenges

KUALA LUMPUR: Aeon Credit (M) Service Sdn Bhd remains cautious on the outlook for the second half of the financial year in view of prevailing economic headwinds, tightening policy rates to curb inflationary pressures and volatility in the global banking industry and financial markets.

In a filing with Bursa Malaysia, the company said it will continue to closely monitor its asset quality and assess the inherent credit risks in its financing portfolios, adopt prudent cost management and improve on financial and operational efficiencies by leveraging on its positive business fundamentals.

For its second quarter ended Aug 31, 2023, Aeon Credit’s net profit rose to RM120.19mil from RM75.65mil in the previous corresponding period, while revenue improved to RM471.73mil from RM399.17mil a year earlier, mainly attributable to stronger loan and financing growth.

Basic earnings per share stood at 45.10 sen versus 27.66 sen previously.

For the six-months period ended Aug 31, 2023, Aeon Credit’s net profit dropped to RM219.55mil from RM238.72mil in the previous corresponding period, while revenue improved to RM924.40mil from RM789.74mil previously.

To fortify its long-term business sustainability, Aeon Credit said it will continuously enhance its information technology capabilities to support its future growth.

“Barring any unforeseen circumstances, the group expects to be able to maintain its financial performance by putting in place the appropriate measures for the financial year ending Feb 29, 2024.

Aeon Credit also declared an interim single-tier dividend of 28.50 sen per share for the financial year ending Feb 29, 2024, to be paid on Nov 2, 2023.

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Aeon Credit , dividend


Next In Business News

Serba Dinamik's 1Q net loss narrows to RM80.67mil
YTL, NVIDIA to build AI infrastructure, bring fastest supercomputers to Malaysia by mid-2024
Ringgit closes higher vs greenback ahead of US jobs data
Axis-REIT acquires hypermarket in Temerloh for RM25.75mil
Jati Tinggi's IPO shares oversubscribed
Govt committed to increasing public acceptance of EV- Tengku Zafrul
Westports signs third supplementary privatisation deal with government
FBM KLCI loses ground for fifth straight session
Bank of England to hold its line against rate cut talk
Oil heads for 7th weekly loss as supply surplus, weak China demand weigh on market

Others Also Read