MY E.G.sees higher revenue and profit this year


  • Business
  • Thursday, 30 Nov 2006

KUALA LUMPUR: Electronic-Government service provider My E.G. Services Bhd sees it revenue touching RM22.9mil and profit after tax to hit RM7.9mil this financial year. 

This would be partly the result of the upgrading of it's existing products and services to enhance customers service, said executive chairman Datuk Dr Norraesah Mohamad. 

She added that the company also intended to introduce two new products and services to boost earnings in the current fiscal year. 

The company posted a net profit of RM4.1mil on the back of RM19.3mil for financial year ended June 30. 

"We are confident of achieving the projected numbers as MY E.G is one of the three electronic services provider that has a concession agreement with the government for 15 years.  

"The agreement was to design and develop electronic delivery of driver and vehicle registration, licensing and summons services, as well as utility bill payments via information communication technology (ICT)," she said after the launch of MY E.G prospectus on Thursday. 

Norraesah added that the company's main revenue growth was from the government sector. 

MY E.G is in the midst of negotiation with the National Registration Department (NGD) on offering it's CGC products and services.  

These services are expected to roll out next year. 

"We intend to set up another 100 kiosks next year after the roll out of our services for NGD to meet the growing customers' demand," said Norraesah. 

She added that the company planned to allocate about RM100,000 on setting each kiosk. 

At present it has 30 kiosks. 

Another division, government enterprise solutions (GES), a non-Internet based service includes provision of software and enterprise solutions, system development and maintenance, as well as services rendered at the company's Electronic Service Centres. 

It offered services such as test taking and ancillary facilities, transmission of vehicle insurance data and ancillary services for electronic-insolvency. 

In addition, the company planned to spread their wings in the United Arab Emirates and Pakistan within the next two years. 

"We are keen to introduce our ICT technologies into these countries. However, we are still in an early stage of discussions with some potential partners, nothing is concrete for the time being," she said. 

MY E.G is targeting a listing on the Mesdaq market on Jan 16 next year.  

The company is issuing 25.5 million shares of 10 sen each at an issue price of 55 sen each. 

The initial public offering is expected to raise RM14mil, of which RM10.8mil has been allocated for capital expenditure, RM1.38mil for working capital and the remaining RM1.8mil for listing expenses.

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