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AEON Malaysia saw 53.1% of 2019 profit, going digital amid Covid-19

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KUALA LUMPUR 2 July - AEON Co. (M) Bhd. continued to record a growth in its performance with a revenue of RM4.539 billion and profit after tax of RM109.2 million in 2019. 

The company is pleased to declare a final dividend of 4% ordinary share for the year ended 31 December 2019, the total amount payable is RM56 million which represents a pay-out ratio of 53.1% of 2019 profit.

The financial result was officially announced via the company’s virtual 35th Annual General Meeting (AGM) on last 24 June 2020.

AEON Chairman, Datuk Iskandar Sarudin stated the performance was mainly due to the revenue contributions from new malls and stores including specialty and renovated stores during the year under review.

“This has been achieved amid a subdued consumer sentiment with concerns over rising cost of living and uncertainties in business outlook and employment,” said him in a statement. 

AEON Malaysia however, in 2020 is facing difficulties as the other industries are currently experiencing due to Covid-19 pandemic outbreak which have had a significant impact not only on the company but also on the country’s economy. 

In dire need to overcome the hardship, AEON immediately went digital amidst the market uncertainties through the implementation of AEON Drive Thru, Personal Shopper and Home Delivery. 

Another reactive measure was the Berkat Ramadan Campaign which raised RM1.4 million together with Malaysia AEON Foundation (MAF) to purchase 300 motorcycles for the unemployed to become AEON Riders.

Managing Director of AEON Malaysia, Shafie Shamsuddin remarked the strategies are specifically on the new business model of Online to Offline to Online (O2O). 

“To work on this transformation, we have formed the AEON Leadership Council (ALC) that symbolizes the attributes of diversity, competency (including digitalization) and transparency. 

“The O2O strategy will shift AEON’s business model to be more agile, resilient and intrapreneurial towards meeting customers’ real demand,” he concluded. - DagangNews.com