AEONTS’ 2019 Profit Increases by 13% from Higher Revenue and Bad Debt Recovery

AEONTS’ 2019 Profit Increases by 13% from Higher Revenue and Bad Debt Recovery.

AEON Thana Sinsap (Thailand) Public Company Limited (AEONTS) has reported  its 2019 yearly consolidated financial statement ended February 2019 through the Stock Exchange of Thailand as follows;

AEONTS reported a net profit of 3,975 million baht, increased 13.37% when compared to a net profit of 3,506 million baht in 2018. Key drivers were mainly from an increase in total sales, core business revenues and bad debt selling. The bad debt recovery and total portfolio continued to grow, together with a strong growth of both domestic and overseas subsidiaries. In addition, AEONTS efficiently managed the selling, general and administrative expenses and funding cost.

In the fiscal year ended February 29, 2020, the total revenues were 23,301 million baht, showing an increase of 2,659 million baht or 13% YoY. The revenue increase was mainly from continued growth in core business revenues that increased by 9% YoY, especially in personal loan and hire purchase products as well as continued growth from bad debt recovery by 32% YoY. The revenue from overseas subsidiaries grew by 63% YoY.

As of the fiscal year 2019 ended February 29, 2020, AEONTS’ total cards reached 9 million cards, increased by 6% from the end of fiscal year 2018 (including 2.85 million credit cards, increased by 9% from the end of last year and 6.15 million member cards, increased by 4% from the end of last year).

AEONTS has active customers more than 2 million IDs, mainly from Bangkok 31%, and in up-country 69%. Covering networks nationwide, the Company has 105 branches, 413 ATMs, and 6,631 dealer members to provide a quality of financial services to AEON cardholders.

In addition, in 2019, AEONTS opened a new platform branch with our first Flagship Store at Central World Shopping Center. This raised our financial services to a digital platform that has facilitated its customers by performing their own transactions through our virtual teller machine (VTM). For overseas business in Cambodia, Myanmar and Laos, they have active customers more than 348,000 customers, increased by 33% from last year, and representing 13% of active customers of AEONTS.