Friday, 20 April 2012

Aeon Credit up 4% on stronger earnings, dividends

KUALA LUMPUR (April 20) : AEON CREDIT SERVICE (M) BHD [] gained as much as 4% after the company announced stronger earnings and more dividends for shareholders.

The stock added 36 sen to RM9.10 before trading lower at RM9.06, placing the stock among top gainers across the exchange on Friday.

Aeon Credit said on Thursday net profit rose 51% to RM95.61 million in financial year ended February 20, 2012 (FY12) from RM63.43 million a year earlier. Revenue climbed 28% to RM344.27 million from RM269.61 million.

The company said its results have improved as it secured more financing business, registered growth in its insurance operations, and recorded gains from the sale of unquoted investments.

The company plans to reward shareholders with a final single-tier dividend of 16.8 sen a share which requires shareholders’ consent. The proposed dividend brings Aeon Credit’s total payout to 30 sen a share in FY12, translating into a yield of 3% based on its latest share price.

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