KUALA LUMPUR (Nov 21): AEON Co (M) Bhd (KL:AEON), a general merchandise store and supermarket chain operator, saw its net profit rise 35.4% to RM18.79 million in the third quarter ended Sept 30, 2024 (3QFY2024) from RM13.88 million a year earlier on higher revenue.

This resulted in a higher earnings per share of 1.34 sen for 3QFY2024 compared with 0.98 sen for 3QFY2023.

Quarterly revenue rose 4.9% to RM1 billion from RM955.9 million a year earlier, driven by growth across all business segments.

No dividend was declared for 3QFY2024.

In a statement on Thursday, AEON said its retail business segment posted a 4.1% year-on-year (y-o-y) growth in revenue to RM822.1 million in 3QFY2024 from RM789.9 million achieved in 3QFY2023, driven by higher consumer spending, particularly from the food category as consumers continue to prioritise spending on necessities.

Its property management services segment also recorded a 9% y-o-y rise in revenue to RM180.9 million from RM166 million a year earlier on higher occupancy rates, strategic rental renewals, and the successful implementation of mall rejuvenation projects and store upgrades.

The strong quarterly performance lifted the group's net profit for the cumulative nine months ended Sept 30, 2024 (9MFY2024) to RM104.03 million from RM82.25 million a year earlier, while revenue rose 3.1% to RM3.19 billion from RM3.1 billion in 9MFY2023.

Going forward, AEON said it remains focused on advancing strategic priorities in retail and property management. These efforts include accelerating digital initiatives, expanding private brand offerings, and strengthening AEON Living Zones to meet the evolving needs of its customers.

“As we celebrate AEON’s 40th Anniversary, we have curated a year-long series of promotional events, activities and reward programmes as a gesture of gratitude to our loyal customers,” said AEON managing director Naoya Okada.

AEON shares closed up one sen or 0.69% at RM1.46 on Thursday, giving it a market capitalisation of RM2.05 billion. The stock has risen 32.73% so far this year.