MyEG posts higher 3Q profit

This article first appeared in The Edge Financial Daily, on May 31, 2018.
MyEG posts higher 3Q profit
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KUALA LUMPUR: MyEG Services Bhd reported a 8.6% increase in net profit for its third financial quarter ended March 31, 2018  to RM58.55 million, from RM53.9 million a year earlier, on higher transaction volumes for its foreign worker services.

The e-government services provider also saw contribution from its foreign worker job matching and placement programme and higher revenue contribution from its motor vehicle trading-related services.

Revenue rose 12.4% to RM111.53 million from RM99.22 million.

For the first nine months of the year, MyEG reported an almost 20% increase in both net profit and revenue, to RM170.38 million and RM318.8 million respectively.

However, the group said that increases were offset by higher personnel-related expenses and operating expenses to support the growth in foreign worker permits and related services, as well as higher interest cost from the term loan to finance its newly acquired building, MyEG Tower in Empire City, Damansara.