AEON Credit posts 2Q results recording RM332 mln in revenue
KUALA LUMPUR: AEON Credit Service (M) Berhad (AEON Credit) announced its financial results for the second quarter ended August 31, 2018 (2QFY19) posting RM332.1 million in revenue, a marginal increase of 6.7 per cent as compared to RM311.3 million recorded in the preceding year’s corresponding quarter ended August 31, 2017 (2QFY18).
Accordingly, both profit before tax (PBT) and profit after tax (PAT) recorded an increase of 11.9 per cent at RM107.2 million and 13.0 per cent at RM80.6 million respectively for 2QFY19 as compared to RM95.8 million and RM71.4 million recorded for 2QFY18.
AEON Credit’s improved revenue for 2QFY19 was mainly attributed to theincreaseinfinancingreceivables for its motorbike financing, auto financing and personal financing businesses.
Additionally, other income was recorded at RM48.3 million for 2QFY19, mainly comprising successful recovery of bad debts, commission income from sale of insurance products and loyalty programme processing fees.
The total transaction and financing volume for 2QFY19 increased by 26.8 per cent to RM1.3 billion, as compared to 2QFY18 recorded at RM1 billion.
The company’s consolidated revenue for its six months ended August 31, 2018 (6MFY19), recorded an increase of 7.2 per cent at RM657.8 million, compared to RM613.6 million noted in the preceding’s year consolidated six months ended August 31, 2017 (6MFY18). A
PBT and PAT for 6MFY19 rose by 20.9 per cent at RM239.0 million and 22.2 per cent at RM179.9 million respectively as compared to RM197.7 million and RM147.2 million recorded for 6MFY18 correspondingly.
Additionally,bothgrossfinancing receivables and net financing receivablesafterimpairmentposted an increase of 11.5 per cent at RM7.9 billion and 5.5 per cent RM7.3 billion respectively as at 31 August 2018 as compared to RM7 billion and RM6.9 billion noted as at 31 August 2017 correspondingly.
Whilst, the Non-Performing Loans ratio recorded 2.07 per cent as at August 31, 2018 compared to 2.48 per cent as at 31 August 2017. The total transaction and financing volume for 6MFY19 rose by 15.4 per cent to RM2.4 billion as compared to RM2.1 billion for 6MFY18.
AEON Credit managing director Kenji Fujita, commented: “We are optimistic for our performance for the financial year ending 28 February 2019 based on the scheduled implementation of our business plan.
“In addition, we are targeted to launchoure-Walletande-Money-by this quarter, and we are confident that this will bring us further in our journey to expand our brand recognition nationwide.”
“We are also confident that the current economic landscape will spur further growth for our business, strongly driven by domestic demand and household spending given the support for the Malaysian economy, which posted a Gross Domestic Product growth of 4.5 per cent in the second half of 2018, while the annual economic growth forecast for 2018 is 5.4 per cent by the World Bank,” Kenji further added.