MyEG profits soar as consumers turn to online services during pandemic

KUALA LUMPUR: MyEG Services Bhd said increased online transaction volume during the pandemic and contribution from new Covid-19 related business boosted its earnings in the second quarter.

Net profit in the three-month ended June 30 jumped 28% to RM80.7mil from RM63mil a year ago.

Revenue increased 30% to RM161.7mil.

MyEG said the stronger results were driven by increased "online transaction volumes for our existing concession and commercial services as more users opted to transact online due to the Covid-19 pandemic," it said in a filing today.

This includes contribution from its new online renewal of motorcycle insurance and road tax as well as online renewal of Competent Driving License (CDL).

MyEG also provides Covid-19 health screening, quarantine collection services under MySafeTravel (MST) and MySafeQuarantine (MySafeQ).

"Although this pandemic is ongoing, we are optimistic that our business will remain resilient while we remain vigilant for new opportunities," it said.

"For instance, during these trying times, we continue to introduce innovative online services such as our Covid-19 health screening service as well as new concession services such as the online renewal of MIRT and online renewal of CDL for the convenience of Malaysians," it added.

MyEG said it was "cautiously optimistic that the long-term outlook for the company remains positive as we continue to introduce innovative services in Malaysia and the countries where we have regional presence."