KUALA LUMPUR: Aeon Co. (M) Bhd recorded a 30.8 per cent increase in net profit to RM32.6 million for the fourth quarter (4Q) ended Dec 31 2023 from RM24.9 million in the previous year.
However, revenue for the quarter declined 2.7 per cent to RM1.03 billion from RM1.06 billion.
Aeon attributed this to the high base effects during the corresponding quarter.
In the retail business segment, its revenue eased 4.9 per cent to RM859.0 million from RM903.7 million in the corresponding quarter of 2022.
Aeon noted its revenue from the property management services segment has increased 10.2 per cent to RM174.3 million from RM158.1 compared to the corresponding quarter.
For the full year, Aeon's net profit rose 3.2 per cent to RM114.8 million from RM111.2 million while its revenue declined slightly by 0.3 per cent to RM4.13 billion from RM4.14 billion.
Aeon recommended a final dividend of 4.0 sen per share for the financial year 2023 (FY2023), amounting to RM56.2 million or 49 per cent payout ratio.
It said the proposal is subject to approval by shareholders at the forthcoming annual general meeting (AGM) scheduled for May this year.
Aeon managing director Keiji Ono attributed the year-end outcome to the robust support received from both business partners and customers.
"Our growth in profit is a result of our commitment in capturing diverse customer values through our product portfolio mix, particularly our private brands as well as accelerating digital shift and implementing sustainability initiatives, while effectively managing operating costs," he added.
Aeon said it is enhancing its community presence by opening new stores and undertaking rejuvenation projects for both its stores and malls.