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MYEG (0138) MyEG Services Bhd rakes in RM59m in net profit for 1Q

KUALA LUMPUR (June 29): MyEG Services Bhd (MyEG) raked in a net profit of RM58.84 million on a revenue of RM121.74 million for the first quarter ended March 31, 2020 (1QFY20).

Earnings per share stood at 1.7 sen, the e-government service provider’s result filing with Bursa Malaysia showed.

There was no comparative data for the period as the firm changed its financial year from Sept 30 to Dec 31.

For the preceding 5QFY19, MyEG recorded a higher net profit of 69.28 million, primarily due to the one-off recognition of liquidated ascertained damages claimed during the quarter.  Revenue for the period was RM119.69 million.

MyEG said the profit for 1QFY20 was contributed by concession-related services, such as Immigration Department and Road Transport Department related and ancillary services, in addition to contributions from Cardbiz Group, which was involved in the deployment of payment solutions and hardware and merchant acquiring services.

The group said its performance was also supported by commercial services, such as motor vehicle trading-related services, financing services, sale of the tax monitoring system, foreign worker recruitment and placement-related services.

Moving forward, MyEG said that while there are economic uncertainties arising from the impact of the ongoing Covid-19 pandemic, the group is confident that its business remains backed by growing demand for online services.

“The pandemic also presents new opportunities for MyEG to introduce innovative online services, evident from the introduction of Covid-19 health screening as a result of the pandemic.

“Despite these challenges and barring any unforeseen circumstances, the board is cautiously optimistic that the long-term outlook for MyEG continues to remain positive as we continuously introduce innovative services in the country and as well as within our regional presence,” it said.

Going forward, MyEG said it will continue to introduce innovative services, leveraging new technologies in the country and the Asian region, to drive the group’s organic growth in FY20.

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