MyEG posts upbeat 2Q results

MyEG posts upbeat 2Q results
Business & Markets 2014
Written by Wei Lynn Tang of theedgemalaysia.com
Thursday, 27 February 2014 10:00

KUALA LUMPUR: MyEG Services Bhd’s net profit rose 38% to RM11.21 million for its second quarter ended Dec 31, 2013 (2QFY14) from RM8.11 million a year earlier, on higher transaction volumes from the online renewal of foreign workers’ permits and online transfer of vehicle ownership, continuous growth in the online renewal of insurance and road tax, and revenue contribution from ancillary services related to its core government e-services.

Revenue rose 22% to RM23.46 million from RM19.19 million a year ago.

The group declared a first interim dividend of 0.5 sen per share, amounting to RM2.95 million for the financial year ending June 30, 2014 (FY14), payable on May 21.

For the six-month period, the group’s net profit jumped 35% to RM19.75 million from RM14.62 million a year earlier, while revenue rose 24% to RM43.87 million from RM35.25 million.

On its prospects, it said,“With the Road Transport Department (JPJ) reportedly intending to digitise 85% of its counter services to an online platform, we intend to leverage this and continue to introduce new JPJ-related e-services in FY14.

“Notwithstanding that, we are also working closely with other government agencies to introduce additional online services that are relevant to Malaysians.”


This article first appeared in The Edge Financial Daily, on February 27, 2014.