, Hong Kong
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AEON Credit H1 revenue soars 11.8%

Profit after tax increased by $22.52m

Hong Kong-listed AEON Credit Service (Asia) Company Limited reported that it’s revenue for the first six months of 2022 increased by 11.8% to $72.74m and profit after tax increased by 2.6% to $22.52m.

AEON Credit’s earnings per share rose to 42.21 HK cents (H12021: 41.15 HK cents). In view of the Group's sound fundamentals and to share its fruitful results with shareholders, the Board has resolved to declare an interim dividend of 22.0 HK cents per share (H12021: 22.0 HK cents per share), representing a dividend payout ratio of 52.1%.

The group’s healthy growth was attributed to a number of timely initiatives during the reporting period, as the market in Hong Kong was on a gradual recovery following an array of economic stimulus measures launched by the government.

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With an increase in the overall sales and receivables balance, AEON Credit recorded an increase in interest income of 10.4% to $61.11m in H1 2022. The solid growth in revenue was also attributable to a 30.8%, or $1.78m increase in overall fees and commissions, which was driven by the continued increase in credit card sales throughout H1 2022 and the launch of the acquiring service for AEON Stores in the second half of the previous financial year.

Amongst its various initiatives to drive business growth during the reporting period, the AEON Credit resumed mass promotion activities, and engaged celebrities for promotion as part of its brand building efforts. The group also enhanced the reach and use cases of its existing products and services by running new promotions with a major payment solution provider in the market and revamping its physical branch network. As a result, the Group achieved a 24.2% increase in overall sales year-on-year, while the gross advance and receivable balance at 31st August 2022 recorded an increase of 12.8% when compared with the balance at 28th February 2022.

"We are pleased to have rolled out various timely initiatives in the first half of this financial year to capture the recovering consumer spending market, and thus achieved solid top-line growth. With a strong liquidity position and balance sheet, the Group is well prepared to move forward and capture new potential business opportunities to outperform and stay ahead of its peers in the face of a competitive market environment,” Tomoharu Fukayama, Managing Director of AEON Credit said.

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