KUALA LUMPUR: Aeon Co. (M) Bhd recorded significant increase in its profit after tax (PAT) for the first quarter of the 2024 financial year (1Q FY2024), reaching RM57.5 million. This represents a 51% increase compared to the RM38.2 million recorded during the same quarter last year. Both the retail business segment and the property management services segment recorded revenue growth this quarter.
In the retail business segment, Aeon achieved a revenue of RM980.5 million, a 4.2% increase over the corresponding quarter’s revenue of RM941.4 million. This growth is largely attributed to festive spending during the quarter, particularly in the food and clothing categories.
The property management services segment also reported a revenue increase of 13.0%, with RM186.9 million in 1Q FY2024 compared to RM165.4 million in the corresponding quarter.
According the press statement, this was driven by improved occupancy rates and effective rental renewals, with occupancy rates reaching 93.6% as of March 2024, underpinned by successful mall rejuvenation projects and store facelifts.
Aeon managing director Naoya Okada said, “Amid the challenging operating environment where consumers remained cautious with their spending, we stay focused in ensuring flawless execution of our strategic priorities, prioritising customers in everything we do. As we celebrate our 40th anniversary in Malaysia this year, we are hosting special events and promotions to create smiles and connect hearts with our customers, business partners, and suppliers. In the coming months, customers can expect a variety of product assortments, promotional deals, and in-mall events to enhance their shopping experience. Customers are the heart of everything we do, and we remain committed to creating memorable experiences and fostering connections.”
Looking ahead, Aeon has several projects in the pipeline, including ongoing renovations at Aeon Bandar Puchong, Aeon Bukit Indah, Aeon Tebrau City, and Aeon Ipoh Station 18.
In terms of sustainability, Aeon has committed to creating a greener environment through various green initiatives, including the installation of solar photovoltaic (PV) systems at its malls. As of now, 10 malls are equipped with solar panels, with three already generating solar energy to supplement electricity consumption.
The first three are Aeon Taman Maluri, Aeon Alpha Angle, and Aeon Melaka.
Aeon plans to accelerate its digital transformation, expand its private brand offerings to meet diverse customer preferences, and strengthen its sustainability initiatives, all while focusing on cost management and community engagement.
Aeon’s strong performance in the first quarter of FY2024 underscores its commitment to delivering value to customers and achieving sustainable growth. The Company remains dedicated to being a leader in the retail industry by consistently offering exceptional products and services.
