AEON Co reported its final quarter financials for 2022, as published the group registered a total revenue of RM1,061.8 million, 7.0% higher as compared to corresponding quarter of RM992.1 million. Retail business recorded revenue at RM903.7 million, is 5.8% higher compared to corresponding quarter of RM854.2 million. Aeon said the increase in revenue is mainly due to economic re-opening coupled with the opening of national borders and early festivities spending.
The growth was contributed by an improvement in occupancy rate in line with consumers’ sentiment in returning to physical malls. The Company registered a profit before tax of RM45.6 million for the quarter, as compared to a profit before tax in the corresponding quarter of RM94.6 million, which recorded a 51.8% decline, mainly due to the increase in promotional activities, maintenance costs and lower reversal of impairment of receivables.
For the year ended 31 December 2022, the Company registered a total revenue of RM4,141.1 million, 14.1% higher as compared to preceding year of RM3,630.4 million. The retail business recorded revenue of RM3,525.6 million, is 13.8% higher compared to preceding year of RM3,099.1 million. The revenue growth is mainly from an increase in Softline and Hardline sales, attributed largely to economic re-opening coupled with opening of national borders.
The Company’s profit before tax of RM211.4 million is 61.4% higher compared to preceding year of RM131 million, contributed by increase in revenue offset by increase in operating costs
AEON said the coming year will continue to be challenging as consumers in Malaysia continues to remain cautious in their spending amidst ongoing inflationary pressures alongside projected economic slowdown.
