PETALING JAYA: Aeon Credit Service (M) Bhd’s net profit rose by a meagre 0.9% to RM88.39 million in its fourth quarter ended Feb 29, 2020 compared with RM87.61 million reported for the same quarter of the previous year, attributed to higher funding costs.
Meanwhile, the group’s revenue grew by 14.9% to RM413.28 million from RM359.54 million.
For the full financial year, the group reported a net profit of RM292.05 million, a 17.6% decline from RM354.62 million registered in the previous financial year.
Meanwhile, revenue rose by 17.1% to RM1.6 billion from RM1.37 billion reported previously.
With respect to FY2020, Aeon Credit’s board has recommended a final single-tier dividend of 14 sen per share to be paid on July 16. This brings the total dividend payable for the financial year ended Feb 29, 2020 to 36.25 sen with a payout ratio of 31.5%
For the year ahead, Aeon Credit said domestic demand is predicted to be a key driver, as household spending is likely to be supported by government efforts to drive economic demand.
Its managing director Yuro Kisaka said that nevertheless, downside risks are expected to continue to dominate the trade outlook for the country, given the unfavourable economic conditions from the recent Covid-19 pandemic.
“With the implementation of additional measures directed by Bank Negara Malaysia in assisting borrowers and customers who experience financial constraints from the pandemic, the group has taken necessary measures to face the imminent challenges,” said Kisaka.
source https://www.thesundaily.my/business/aeon-credit-feels-bite-of-higher-funding-costs-q4-net-profit-up-09-JE2240865
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