MyEG's net profit nearly doubles to RM150.7mil in Q3

KUALA LUMPUR: My E.G. Services Bhd’s (MYEG) net profit almost doubled to RM150.71 million in the third quarter (Q3) ended Sept 30, 2022, from RM78.46 million a year earlier.

The e-government services provider said the improved profit as well as 3.7 per cent higher revenue of RM162.62mil were mainly due to the resumption of full operations of its nationwide e-service centres, higher contribution from the foreign worker job matching service, and contribution from the sale of Zetrix tokens.

The better results were also thanks to a one-off recognition of fair value gain in investment resulting from the listing of MYEG’s investment in Agmo Holdings Bhd on Aug 18, 2022, the company said in a filing with Bursa Malaysia.

On its prospect, MYEG said its board is cautiously optimistic that its long-term outlook remains positive as the company continues to introduce innovative services by leveraging new technologies in Malaysia as well as globally.

"With the government lifting restrictions put in place during the pandemic, MYEG has now embarked on bringing blockchain to the forefront by introducing a Layer 1 blockchain platform, namely Zetrix.

"At the same time, MYEG is collaborating with its partners to integrate Zetrix with China’s national blockchain platform, namely Xing Huo.

"With such collaboration, the group will be able to start introducing commercial services which can be used globally,” it added. - Bernama

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