AEON CO. (M) BHD. GOING DIGITAL AMIDST MARKET UNCERTAINTIES
KUALA LUMPUR, June 25, 2020
AEON CO. (M) BHD. Thirty-fifth Annual General Meeting (35th AGM) was conducted for the first time entirely via virtual on June 24, 2020. Commenting on the financial results for the financial year ended 31st December 2019, YBhg Datuk Iskandar bin Sarudin, Chairman of AEON CO. (M) BHD. said, “AEON continued to record a growth in its performance with a revenue of RM4.539 billion and profit after tax of RM109.2 million. The commendable performance was mainly due to the revenue contributions from new Mall and Stores including Specialty Stores, and renovated Stores during the year under review. This has been achieved amid a subdued consumer sentiment with concerns over rising cost of living and uncertainties in business outlook and employment.
YBhg Datuk Iskandar added that on sustainability development, AEON continues to promote and integrate sustainability practices into its business operations that aligns with the Company’s principle of “Pursuing Peace, Respecting Humanity and Contributing to Local Communities, Centred on Customers”.
The Company announced that considering its 2019 profit performance, the company is pleased to declare a final dividend of 4 cent per ordinary share for the year ended 31st December 2019, the total amount payable is RM56 million which represent a pay-out ratio of 53.1% of 2019 profit.
Commenting about 2020, YBhg Datuk Iskandar said “2020 proved to be a very difficult year as a result of Covid-19 pandemic outbreak which have had a significant impact not only on the company but also on the industry and the country’s economy. AEON’s immediate focus is to ensure its core businesses remain resilient and to weather through these uncertain times via innovative ways to reach and allow its customers continue to enjoy great shopping experiences with AEON”.
En. Shafie Shamsuddin, Managing Director of AEON. CO. (M) BHD. presented the immediate measures implemented. Among them were the AEON Drive Thru, Personal Shopper and Home Delivery. Another reactive measure was the Berkat Ramadan Campaign which raised RM1.4 million together with Malaysia AEON Foundation (MAF) to purchase 300 Motorcycles for the unemployed due to covid-19 to become AEON Riders.
En. Shafie remarked, “We are embarking on strategies specifically on the new business model of O2O (Online to Offline to Online) and to work on this transformation, we have formed the AEON Leadership Council (ALC) that symbolizes the attributes of diversity, competency (including digitalization) and transparency.
“The O2O strategy will shift AEON’s business model to be more agile, resilient and intrapreneurial towards meeting customers’ real demand. On the costs front; AEON will put in place strong, effective and prudent cost control measures to manage its cashflows and costs,” concluded En. Shafie.