MyEG nets in stronger RM6.7m profit for Q2

by **hlk** Thu 01 Mar 2012, 14:13

MY E.G. Services Bhd (MyEG), the country's e-government service provider, saw its net profit for the second quarter ended December 31 2011 rise by 15.3 per cent to RM6.7 million.

Group revenue for the quarter jumped 26.8 per cent to RM16.92 million.

The better figures were attributed mainly to its cloud computing-based services, as well as higher volume from Road Transport Department-related and insolvency search applications.

For its first-half period ended December 31 2011, MyEG's net profit increased 40.2 per cent to RM12.1 million from RM8.6 million previously.

This was on the back of a 22.7 per cent increase in revenue to RM31.1 million from RM25.3 million, previously.

"We are delighted with our current financial performance as it is a clear reflection of our growing subscriber base, in line with our expanding suite of services.

"We will continue to provide new and innovative services, as well as enhance our existing services to reinforce our position as Malaysia's leading e-government service provider," MyEG executive chairman Datuk Dr Norraesah Mohamad in a statement.

The company announced its first interim dividend of 0.5 sen per share, amounting to RM3 million for the firs half.

Meanwhile, MyEG hopes to increase the adoption of its latest e-government service - the temporary ownership transfer, or E-Tukar Hakmilik Sementara.

Launched in December last year, E-Tukar aims to solve all issues concerning the transfer of ownership of a vehicle during its selling process to a used-car dealer.

Under the existing law, the ownership of a vehicle is technically registered with the original seller until it is sold to the eventual buyer.

"This is a win-win situation for both vehicle owners and used-car dealers. The system provides a user-friendly, yet transparent, platform that clearly states the party that bears the responsibility in the event summonses are issued against the vehicle during the 'transitional phase'.

"With this online system, car sellers can also ensure completion of sales transactions to used-car dealers, granting them peace of mind," said Norraesah.