Update Aeon Credit declares 24 sen dividend, posts 22.6% y-o-y profit growth in 4Q

by **Cals** Thu 17 Apr 2014, 01:20

Update Aeon Credit declares 24 sen dividend, posts 22.6% y-o-y profit growth in 4Q

Business & Markets 2014

Written by Ho Wah Foon of theedgemalaysia.com

Wednesday, 16 April 2014 19:38

KUALA LUMPUR (April 16): Aeon Credit Service Bhd declared a final dividend of 24 sen per share, after posting a 22.6% year-on-year rise in profit to RM47.8 million for its fourth quarter to Feb 2014.

Aeon Credit’s full year net profit rose 30.7% to RM175 million.

The company proposed a final dividend of 24 sen per share.

In a statement, Aeon Credit said the net profit of RM175.35 million for the financial year ended 20 February 2014 was an increase of 30.7% from a net profit of RM134.13 million for the previous financial year.

It added full year revenue totalled RM672.76 million, a growth of 44.0% over the previous year’s revenue of RM467.13 million.

For the fourth quarter, revenue was RM189.56 million, up 44.0% over the corresponding period last year.

The net profit for the final quarter to Feb 2014 of RM47.82 million represented growth of 22.6% from a net profit of RM39.01 million for the same quarter last financial year.

“Growth in assets and revenue for the year was driven by strong performance in easy payment operations while growth was also noted for the credit card operations.”

The company said it would be able to maintain its business performance in the current fiscal year.

“The net returns on the portfolio remained satisfactory with average ROA and ROE for the year of 5.7% and 32.6% respectively based on the net profit for the year.”

AEON Credit said its board of directors would seek shareholders approval in June 2014 to declare a final single tier dividend of 24.0 sen per share for the financial year ended 20 February 2014.

“The total interim and final dividends of 46.3 sen for the year represents an increase of 30.4% from total dividends of 35.5 sen paid out in the last financial year,” it said.