Aeon Q1 net profit increases to RM28.07m

Shoppers queue outside the Aeon Big hypermarket in Putrajaya October 13, 2020. — Picture by Shafwan Zaidon

Shoppers queue outside the Aeon Big hypermarket in Putrajaya October 13, 2020. — Picture by Shafwan Zaidon

Wednesday, 18 May 2022 8:24 PM MYT

KUALA LUMPUR, May 18 — Aeon Co (M) Bhd posted a higher net profit of RM28.07 million in the first quarter ended March 31, 2022 (Q1 2022) from RM22.03 million a year ago.

Revenue was slightly lower at RM1 billion from RM1.01 billion, it said in a filing with Bursa Malaysia today.

The retailer said retail business recorded a revenue of RM857.4 million, down 2.5 per cent compared to RM879 million in Q1 2021 as more consumers spent more time outdoor and dine-out instead of cooking at home.

In contrast, revenue from the property management services segment rose 7.4 per cent to RM144.4 million from RM134.5 million previously contributed by higher sales commission and temporary space rental received in line with consumers’ sentiment in returning to physical malls.

Aeon said as the nation transitions to the endemic phase of Covid-19, borders reopen and activities among the communities increases, consumers’ spending nationwide is expected to improve.

However, the continued global supply chain challenges as a consequence of managing Covid-19 outbreaks especially in China as well as the ongoing Ukraine and Russia conflict may have potential impact to revenue and cost of business.

To ensure sustainable operations and business performances, the company will continue to be proactive in crafting strategies in order to capture consumers’ spending and to minimise the supply chain risk.

It will also accelerate and evolve its digital shift especially to grow adoption of myAeon2go among 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 programme and iAeon app. — Bernama