KUALA LUMPUR (Aug 27):  My EG Services Bhd (MyEG) reported a net profit of RM63.06 million in the second quarter ended June 30, 2020 (2QFY20) on revenue of RM124.34 million.

There was no comparison numbers for the previous year's corresponding period, due to a change in its financial year-end from Dec 31 to June 30, according to a filing with Bursa Malaysia.

On a quarter-to-quarter basis, its net profit was 7.16% higher against RM58.84 million in 1QFY20 while revenue also increased 2.13% compared with RM121.74 million.

It attributed the better profitability to introduction of new services such as COVID-19 health screening and online grocery platform “Nak Beli”, increase in transaction volume as well as cost reduction in administrative expenses in the 2QFY20.

For its cumulative six-month period, MyEG posted a net profit of RM121.9 million on revenue of RM246.08 million.

On prospects, while there are economic uncertainties arising from the impact of the pandemic, the group continues to believe that its business is resilient, as online services will be in greater demand.

The pandemic also presents new opportunities for MyEG to introduce innovative online services. This is evident by the introduction of the COVID-19 health screening as a result of the pandemic, it added.

"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 as well as within our regional presence," it added.

MyEG shares price closed one sen higher at RM1.46 today, valuing it at RM5.06 billion. Some 18.59 million shares were traded today. The stock has rebounded 83% from its March low when it was traded at 80 sen.