23/02/2024 07:11 PM

KUALA LUMPUR, Feb 23 (Bernama) -- AEON Co (M) Bhd’s net profit rose by 3.2 per cent to RM114.83 million in the financial year ended Dec 31, 2023 (FY2023) compared with RM111.23 million in FY2022, driven by improved revenue from its property management services.

Revenue declined 0.3 per cent to RM4.13 billion from RM4.14 billion previously, it said in a filing with Bursa Malaysia on Friday.

Its retail business recorded revenue of RM3.45 billion -- 2.0 per cent lower compared to FY2022’s RM3.52 billion.

“The decrease is mainly due to the high base effects last year and partial store closures for renovation in the current year,” it told the stock exchange.

The retailer’s revenue from its property management services segment rose to RM674.7 million in the fourth quarter of 2023 (4Q 2023), 9.6 per cent higher compared to RM615.5 million in 4Q 2022, contributed by improvement in occupancy rate and effective rental renewal.

In 4Q 2023, the group recorded a higher net profit of RM32.58 million from RM24.92 million in 4Q 2022, while revenue was 2.7 per cent lower at RM1.03 billion from RM1.06 billion previously.

AEON managing director Keiji Ono said the success was supported by the performance of its property management services.

“AEON is actively expanding and enriching its presence within communities through the opening of new stores and rejuvenation projects for both stores and malls,” he said in a separate statement.

The AEON board has proposed a final dividend of 4.0 sen per ordinary share for FY2023 (FY2022: 4.0 sen) which is equivalent to RM56.2 million, or a 49 per cent pay-out ratio, subject to the approval of shareholders in the upcoming annual general meeting in May 2024.




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