KUALA LUMPUR (Aug 23): AEON Co (M) Bhd's net profit for the second quarter ended June 30, 2022 (2QFY22) surged more than four times or 332.08% to RM47.28 million from RM10.94 million in the same period last year, boosted by a higher revenue contribution from its retail business segment.

Earnings per share rose to 3.37 sen from 0.78 sen, its Bursa Malaysia filing on Tuesday (Aug 23) showed.

Quarterly revenue grew 25.31% to RM1.1 billion from RM874.2 million in the same period a year ago.

AEON Co's retail business segment recorded a revenue of RM938.3 million, 28% more compared with the corresponding quarter's RM733 million, spurred by festivities as well as the reopening of economic activities and national borders.

The group's property management services posted RM157.2 million in revenue, 11.3% higher than the corresponding quarter's RM141.2 million, on higher sales commission and temporary space rental in line with the return of consumers to the malls.

For the cumulative six months ended June 30, 2022, AEON Co's net profit rose 128.49% to RM75.35 million from RM32.98 million in the same period in the previous year, as revenue increased 11.1% to RM2.1 billion from RM1.89 billion previously.

AEON Co observed that activities amongst the communities and consumer demands increased in the Covid-19 endemic phase despite global supply chain challenges, compounded by unprecedented environmental changes that continued to create inflationary pressures globally.

To ensure sustainable operations and business performances, the retailer will actively manage its pricing and supply chain strategies in order to offer value in consumer spending and demand needs in light of ongoing inflation concerns.

"The company will also continue to leverage its ecosystem especially in partnering and collaborating with its tenant partners, suppliers and AEON group of companies to unlock further the value from customer demand, customer experience and to mitigate the supply chain risk," it said.

AEON Co's share price closed unchanged at RM1.45 on Tuesday (Aug 23), for a market capitalisation of RM2.04 billion.