KUALA LUMPUR (May 18): AEON Co (M) Bhd (KL:AEON) said on Monday its net profit surged 23% in the recently-ended quarter to its highest in more than 13 years while revenue remained muted.

Net profit at the operator of the Japanese supermarket chain in Malaysia was RM83.7 million for the three months ended March 31, 2026 (1QFY2026) compared to RM68.1 million over the same period a year earlier, according to an exchange filing. Revenue, meanwhile, was flat at RM1.24 billion.

Sale of higher-margin products also helped during the quarter as well as better income from the property management services segment that benefited from increased festive shopping activity.

While ongoing global uncertainties may weigh on consumer spending, “we expect underlying demand to remain resilient, supported by steady spending on essential goods, sustained in-mall activity and supportive government stimulus initiatives”, said managing director Tsugutoshi Seko.

No dividend was declared.

AEON Mall KL Midtown is progressing towards its opening by the end of 2026 while development is underway for a new two-storey mall as part of the expansion of AEON Mall Seremban 2, the company said, noting that AEON Permas Jaya and AEON Taman Universiti have also been earmarked for renovation this year.

“Looking ahead, we remain focused on strengthening our operational fundamentals and advancing key growth drivers,” Seko said. “This includes improving efficiency, expanding our private brands offerings and enhancing customer engagement through our loyalty programme.”

Shares of AEON Co rose 1.7% to RM1.18 on Monday, giving the company a market capitalisation of about RM1.7 billion ahead of the results announcement.