KUALA LUMPUR: AEON Credit Service (M) Bhd’s net profit fell 79.4% to RM23.38mil in the fourth quarter ended Feb 28 from RM113.71mil a year ago.

       Its revenue of RM362.97mil was lower by 10.7% as compared to RM406.35mil posted a year prior mainly due to lower average financing receivables as compared to the corresponding preceding year.

       Total transaction and financing volume in the current quarter of RM1.463bil was higher by 15.8% as compared to the corresponding preceding year.

       Aeon Credit said its gross financing receivables as at Feb 28 of RM9.85bil was lower by RM200.74mil last year.

       The net financing receivables after allowance for impairment loss was RM9.10bil as at Feb 28 as compared to RM9.23bil a year prior. Non-performing loans (NPL) ratio was 2.66% as at Feb 28 as compared to 2.46% in the same quarter last year.

       “Overall performance for the quarter was also partly impacted by the highly contagious Omicron Covid-19 variant which caused a sharp rise in infection among the public and also staff,” Aeon Credit said in the notes accompanying its financial results.

       For the full financial year ended Feb 28, Aeon Credit posted a net profit of RM365.41mil, up 56.2% from RM233.96mil from a year prior, while revenue was marginally lower at RM1.52bil against RM1.56bil previously.

       The board has proposed a final single-tier dividend of 15.00 sen per share and a special single-tier dividend of 5.00 sen per share in respect of the financial year ended Feb 28 amounting to RM38.29mil and RM12.766mil respectively, totalling RM51.06mil.

       The dividend will be paid on July 21 with an ex-date of July 6.

       Aeon Credit said it would continue to remain vigilant in assessing the inherent credit risks in its financing portfolios, with proactive attention focused on the enhancement of asset quality, prudent cost management and improvement of financial and operational efficiencies by leveraging on its positive business fundamentals.

       “The group is committed to building on its business sustainability and growth agenda and will be continuously enhancing its information technology capabilities to drive the digitalisation of its operations.

       “Barring any unforeseen circumstances, the group expects to be able to maintain its financial performance by putting in place the necessary measures for the financial year ending Feb 28, 2023,” it said.