KUALA LUMPUR: My EG Services Bhd posted net profit of RM70.74mil on the back of revenue of RM136.09mil in the third quarter ended Sept 30,2020, which was an improvement from the second quarter, due to its concession-related services.
In its announcement to Bursa Malaysia on Tuesday, it said that its 3Q revenue increased by 9.4% from RM124.34mil in 2Q. There was no year-on-year comparison.
“The increase in revenue was mainly due to the increase in volume from Covid-19 health screening and online sale of groceries through our 'Nak Beli' online store as well as the introduction of new services, ” it said.
MY EG said the new services included those under the Road Transport Department (RTD) which were the online renewal of motorcycle insurance and road tax and also the online renewal of the competent driving licence (CDL).
The higher revenue also helped it record an 11% increase in net profit from RM63.12mil in 2Q.
For the nine months, it recorded net profit of 192.64mil on the revenue of RM382.17mil.
Among the factors for the better performance in 3Q and 9M were concession-related services such as immigration, RTD and related and ancillary services; commercial services such as motor vehicle trading related services, financing services, sale of tax monitoring system and foreign worker related services.
On the prospects, it said for the financial year, it would continue to introduce innovative services leveraging on new technology in the country as well as within its regional presence in Asia, to drive its organic growth for FYE2020.
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