MyEG fourth-quarter net profit at RM76mil


In a filing with Bursa Malaysia, the e-government services provider said there was no comparative financial information available for the financial period ended Dec 31,2020, as the group had changed its financial year end to December from September, previously.

PETALING JAYA: MyEG Services Bhd posted a net profit of RM75.51mil on revenue of RM149.89mil in its fourth quarter ended Dec 31,2020.

In a filing with Bursa Malaysia, the e-government services provider said there was no comparative financial information available for the financial period ended Dec 31,2020, as the group had changed its financial year end to December from September, previously.

However, the group said profit and revenue during the period was driven by concession-related services, such as the Immigration and Road Transport Department (JPJ) related and ancillary services.

MyEG said the introduction of new concession services from the JPJ, namely the online renewal of motorcycle insurance and road tax, as well as online renewal of the competent driving licence (CDL), also boosted earnings.Earnings during the period were also driven by commercial services such as motor vehicle trading related services, financing services, sale of tax monitoring systems and foreign worker related services.

My EG added that the introduction of new services, such as Covid-19 health screening and quarantine services for inbound travellers to Malaysia under MySafeTravel (MST), as well as the online sale of groceries through its “Nak Beli” online store, also contributed to earnings growth.

Additionally, the group said contribution from the Cardbiz Group, which is principally involved in the deployment of payment solutions and hardware and merchant acquiring services, contributed to the company’s positive profit and revenue growth.

MyEG said revenue in the fourth quarter was up by more than 10%, compared with the immediate preceding quarter.

“The increase in revenue was mainly due to the increase in volume from Covid-19 health screenings, increase in volume from the online renewal of motorcycle insurance and road tax, as well as CDL, ” it said.

The company added that the quarterly revenue increase was also due to online sale of groceries through its online store and the introduction of screening and quarantine for inbound travellers to the country under MST.

For its financial year ended Dec 31,2020, MyEG’s net profit stood at RM268.16mil, on revenue of RM532.06mil.

On its prospects, MyEG said 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 organic growth for 2021.

“The pandemic has brought unfavourable impacts to economies in the world and Malaysia is not spared. We are sanguine that our business is resilient and will present new opportunities.

"We had introduced innovative online services such as the Covid-19 health screening, new concession services namely the online renewal of motorcycle insurance and road tax as well as health screening and quarantine services.”

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