MyEG revenue and profit higher

Some funds are believed to be just taking a risk-off mode to MyEG as the Government may review the company’s online monopoly.

PETALING JAYA: My EG Services Bhd’s (MyEG) net profit for the fourth quarter rose 16.7% to RM59.48mil while revenue jumped 20.3% to RM105.1mil.

The e-government services provider’s higher earnings and revenue were attributed to higher transaction volume from the online renewal of foreign workers’ permits (FWP), foreign workers rehiring programme services (FWR Services) and foreign workers’ insurance from both FWP and FWR Services.

The group also saw an increase in revenue contribution from its motor vehicle trading-related services for the quarter ended June 30, 2017.

In its filing with the stock exchange, My EG Services said this, however, was offset by higher personnel-related expenses and operating expenses to support the growth in FWP and FWR Services, higher marketing and sponsorship expenses and higher interest cost from the term loan to finance its newly acquired offices, among others.

For the full year, the group’s net profit soared by 41% while revenue for the period came in at RM371.6mil, 31.9% higher than a year ago.

The board has recommended a final dividend of 1.2 sen per ordinary share for the full year.