MyEG net profit in Q1 climbs on new concession, services

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KUALA LUMPUR (Bernama) — My E.G. Services Bhd (MYEG) posted a higher net profit of RM76.29 million for the first quarter ended March 31, 2021, compared with RM58.84 million a year earlier, mainly due to its new concession and commercial services.

In a filing with Bursa Malaysia, the digital services provider said revenue rose 40.8 per cent to RM171.46 million from RM121.74 million previously.

Meanwhile, profit after taxation (PAT) increased 30.9 per cent to RM76.47 million compared to RM58.44 million.

“The increase of about RM49.72 million in revenue and RM18.03 million in PAT is primarily attributable to contribution from our new concession and commercial services, as well as an overall increase in online transaction volumes for our existing concession and commercial services as more users opted to transact online due to the COVID-19 pandemic,” MYEG said.

The company said it expected to continue introducing innovative services by leveraging on new technologies in Malaysia as well as the countries where it had presence to drive its organic growth for the financial year ending Dec 31, 2021.



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