Friday 29 Mar 2024
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KUALA LUMPUR (July 7): AEON Credit Service (M) Bhd has topped Bursa Malaysia's gainers list this morning, after its net profit for the first quarter ended May 31, 2021 (1QFY22) swelled by 521% to RM163.09 million.

The stock rose by as much as 52 sen or 4.41% to RM12.30 this morning, before paring some gains.

At 9.41am, the counter was still up by 46 sen or 3.9% to RM12.24, with 101,800 shares traded, giving it a market capitalisation of RM3.01 billion.

The company's substantially higher 1QFY22 net profit was mainly underpinned by the big drop in operating expenses, which shrunk to RM158.6 million from RM277.5 million a year ago.

On top of that, the group's other income, which comprises bad debts recovered, insurance commission and interest or profit income from deposits with licensed financial institutions, increased to RM49.1 million in 1QFY22 versus RM17.14 million previously.

The group’s quarterly revenue rose marginally by 5.41% to RM410.97 million from RM389.88 million a year ago due to increase in transaction and financing volume.  

However, it did not declare any dividends this quarter.

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