MyEG reports 4Q net profit of RM60m driven by concession-related services

TheEdge Thu, Nov 28, 2019 06:48pm - 4 years View Original


KUALA LUMPUR (Nov 28): My E.G. Services Bhd (MyEG) posted a net profit of RM60.43 million on revenue of RM119.14 million for the quarter ended Sept 30, 2019.

Ernings per share was 1.7 sen for the current quarter.

In the 12-month period, net profit came in at RM235.31 million with a revenue of RM476.25 million.

There are no comparative figures for this period as the group has changed its financial year end from Sept 30 to Dec 31. As such, the next set of audited financial statements will be for a period of 15 months. 

In a bourse filing today, MyEG attributed the contribution of net profit and revenue for the quarter and year to date period to its concession-related services such as the Immigration Department and the Road Transport Department-related and ancillary services, commercial services such as motor vehicle trading related services, financing services, sale of tax monitoring system, foreign worker recruitment and placement related services, as well as contribution from Cardbiz Group.

It also saw a gain on disposal of other investment during the period.

On prospects, MyEG will continue to introduce innovative services leveraging on new technology to drive its growth for the financial period ending Dec 31, 2019 (FP19).

"We are also expanding our regional presence in Asia with the recent introduction of new joint ventures and services in the Philippines, Bangladesh and Indonesia. We are bringing our technology and expertise to these countries and hope to introduce innovative services which will enhance the efficiency in these new markets and allow us to tap on the continuous growth of transactions where the population in these countries are becoming more tech savv," it said.

MyEG added that it is cautiously optimistic that these are the new markets which potentially may contribute to its organic growth for FP19 onwards.

"At the same time, the board will work closely with the government to continue rolling out new egovernment services while maintaining the service level of the current services which will continue to benefit the Malaysian public, consistent with the government’s objective," it said.

MyEG shares closed down two sen or 1.67% at RM1.18 today, for a market capitalisation of RM4.1 billion. Some 8.13 million shares were traded.
 

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