KUALA LUMPUR (Nov 24): My EG Services Bhd (MyEG) has reported a net profit of RM70.74 million for the third quarter ended Sept 30, 2020, on revenue of RM136.09 million.

There was no comparison year-on-year numbers due to a change in the group’s financial year-end from Sept 30 to Dec 31, MyEG said in a bourse filing.

On a quarter-to-quarter basis, net profit was 12.19% higher than the RM63.06 million reported for the preceding quarter, while revenue  rose 9.46% from RM124.34 million.

The group said the improved revenue and profit was due to an increase in volume from Covid-19 health screening and sale of groceries through its “Nak Beli” online store, as well as the introduction of new services including the online renewal of motorcycle insurance, road tax and competent driving licence.

For the cumulative nine-month period, MyEG posted a net profit of RM192.64 million, on revenue of RM382.17 million.

On prospects, the group said it would continue to introduce innovative services leveraging on new technology in the country and regionally in Asia, to drive its organic growth.

“Whilst this pandemic is ongoing, we are sanguine that our business is resilient and will present to us new opportunities,” it said.

MyEG’s shares price closed down two sen or 1.3% at RM1.52 today, valuing the group at RM5.32 billion. Some 13.89 million shares were traded. The stock has rebounded 90% from a low of 80 sen in March.