KUALA LUMPUR: Aeon Co. (M) Bhd posted a net profit of RM57.39 million in the first quarter ended March 31, 2024 (Q1 2024) up 51 per cent year-on-year (YoY) from RM38.18 million posted in the same period last year.
This was supported by growth in the retail business segment and the property management services segment, Aeon Malaysia said today.
Its revenue for the quarter under review rose to RM1.17 billion from RM1.11 billion in Q1 2023.
The retail business segment saw a 4.2 per cent increase in revenue to RM980.5 million largely attributed to festive spending during the quarter, particularly in the food and clothing categories.
The property management services segment also reported a revenue increase of 13 per cent to RM186.9 million in Q1 2024 compared to RM165.4 million in the corresponding quarter.
This was driven by improved occupancy rates and effective rental renewals, with occupancy rates reaching 93.6 per cent as of March 2024, underpinned by successful mall rejuvenation projects and store facelifts.
"Amid the challenging operating environment where consumers remained cautious with their spending, we stay focused in ensuring flawless execution of our strategic priorities, prioritising customers in everything we do," said managing director Naoya Okada.
"As we celebrate our 40th anniversary in Malaysia this year, we are hosting special events and promotions to create smiles and connect hearts with our customers, business partners, and suppliers. In the coming months, customers can expect a variety of product assortments, promotional deals, and in-mall events to enhance their shopping experience.
"Customers are the heart of everything we do, and we remain committed to creating memorable experiences and fostering connections," Okada added
Aeon Malaysia said it has several projects in the pipeline, including ongoing renovations at Aeon Bandar Puchong, Aeon Bukit Indah, Aeon Tebrau City and Aeon Ipoh Station 18.
It also plans to accelerate its digital transformation, expand its private brand offerings to meet diverse customer preferences, and strengthen its sustainability initiatives, all while focusing on cost management and community engagement.