AEON Credit Service (M) Berhad announced a notable revenue growth of 16.6% to RM1.91 billion for the financial year ended 29 February 2024, as compared to RM1.64 billion recorded in the preceding year ended 28 February 2023. This increase it said was due to higher transaction and financing volume, which grew by 16.9% to RM7.30 billion year-on-year.
Both Profit Before Tax and Profit After Tax grew to RM565.17 million and RM424.02 million respectively, translating to earnings per share at 81.08 sen with a return on average equity of 16.7%. The group said the strong performance was underpinned by robust revenue growth with solid receivable growth across key products. However, this was partially offset by higher impairment losses on financing receivables that reflected an increase of RM122.08 million, along with increased other operating expenses in line with higher sales and revenue generated costs.
Accordingly, the Board has recommended the payment of a final single-tier dividend of 14 sen per share to be paid on 25 July 2024, subject to the approval of shareholders at the forthcoming Annual General Meeting to be held on a date that shall be announced later. Total dividend payable for FYE24 amounted to RM144.25 million compared to last year RM126.38 million, marking a 14.1% increase with a payout ratio of 34.0%.
For the fourth quarter under review, the Group’s transaction and financing volume registered an increase of 15.9% to RM1.85 billion as compared to RM1.60 billion recorded in the preceding financial year’s corresponding quarter ended 28 February 2023. This it said was primarily driven by vehicle financing, personal financing and payment business, which were also supported by our strategic festive season marketing campaigns. The expansion of our acquisition channels including the set up of physical booth and online channels contributed further to the increase in transaction and financing volume.
PBT for Q4FYE24 increased by 25.3% to RM162.60 million as compared to RM129.81 million in Q4FYE23, while PAT rose by 24.7% to RM118.92 million as compared to RM95.34 million recorded in the preceding year’s corresponding quarter.
Moving forward iAEON Credit said it is also looking forward to the phased rollout of the digital Islamic bank in the first half of this year.
