AEON Credit Service (M) Berhad (“AEON Credit” or “the Group”) a leading non-bank financial services provider in Malaysia, announced that all resolutions listed in the Notice of Annual General Meeting (“AGM”) dated 21 May 2024 and tabled at the Group’s 27th AGM today were duly approved by the shareholders of the Group.
The proposed final single-tier dividend of 14.0 sen per share for the financial year ended 29 February 2024 (“FYE2024”) which represents a total of a dividend payout of approximately RM144.20 million or 34% of the Group’s net profit was also approved by the shareholders.
AEON Credit has made tangible progress towards strengthening its operations and delivering sustainable value creation to both its shareholders and stakeholders. The total sales volume has increased significantly from RM7.30 billion to RM6.25 billion recorded in FYE2023. Meanwhile, its financing receivables also grew by 12.9% to RM12.23 billion, surpassing the 10% target set for the year.
For FYE2024, AEON Credit’s revenue increased by 16.6% to RM1.91 billion from RM1.64 billion recorded a year ago. This increase was due to higher transaction and financing volume, which grew by 16.9% to RM7.30 billion year-on-year. Consequently, profit before tax (“PBT”) also rose to RM565.17 million, while profit after tax (“PAT”) recorded a new high of RM424.02 million.
Easy Payment and Personal Financing remained the primary driver of revenue and profit growth for the Group. The total financing volume generated by EPPF business surged 18.9% to RM5.28 billion in FYE2024 compared to RM4.44 billion in FYE2023.
Daisuke Maeda, Managing Director of AEON Credit, highlighted that “In fulfilling our purpose to bring finance closer to everyone, we have continued to make positive progress in our digital transformation journey towards delivering a seamless customer experience and offering a comprehensive range of products and services.”
“Furthermore, we recognize the importance of digitalisation in capitalizing on new opportunities presented by evolving consumer behaviours. Last year, we introduced an instant approval scheme using credit information and risk base interest rate system based on customer scores. This allows us to present a credit limit to many customers within one minute. Additionally, customers with good scores will receive instant approval automatically.”
“As a result, we have captured the demand from customers especially for our used cars financing solutions, significantly expanding the sales of used car loans to RM 1.11 billion, an increase of 50% as compared to previous year and we are keeping this sale momentum in this year.”
“Moving forward, to further promote digitalization and approach a wider range of segments, we will gradually upgrade the AEON Wallet. We will make the wallet as a common membership app for AEON Group and enhance wallet payments and loyalty programmes. We will also provide various financial products through the app, aiming for further customer convenience. Additionally, Digital Bank recently launched on 26th May and will be integrated into our ecosystem to provide comprehensive financial services.”
“In terms of ESG, we have formulated a Sustainability Statement and a mid-term roadmap. We are focusing on environmental commitments such as achieving carbon neutrality, biodiversity projects to combat climate change. Our company particularly aims to contribute further to financial inclusion in Malaysia through our business.” Daisuke Maeda concluded.
