MyEG net profit climbs in Q3

KUALA LUMPUR (Bernama) -- MY E.G Services Bhd (MYEG) posted a higher net profit of RM78.46 million for the third quarter ended Sept 30, 2021 (Q3) from RM70.74 million recorded in the same period in 2020.

Revenue increased to RM156.80 million versus RM136.10 million previously.

In a filing with Bursa Malaysia, the company said the higher net profit and revenue were derived from among others, the contribution from its new concession services, namely online renewal of motorcycle insurance and road tax as well as online renewal of Competent Driving Licence.

The better performance was also attributed to contributions from new commercial services, namely COVID-19 health screening, quarantine collection services under MySafeTravel and MySafeQuarantine, as well as the increased online sale of groceries through its "Nak Beli” online store.

Basic earnings per share inched up to 1.1 sen compared with one sen before.

For the financial year ending Dec 31, 2021, MYEG expects to continue introducing innovative services by leveraging on new technologies in Malaysia as well as the countries in which it has a presence to drive the organic growth for the year.

"The COVID-19 pandemic has adversely impacted economies around the world and Malaysia has not been spared. Although this pandemic is ongoing, we are optimistic that our business will remain resilient while we remain vigilant for new opportunities.

"The board is cautiously optimistic that the long-term outlook for MYEG remains positive as we continue to introduce innovative services in Malaysia and the countries where we have a regional presence," it said.

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