MyEG posts RM69m net profit in final quarter of FY19

MyEG posts RM69m net profit in final quarter of FY19
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KUALA LUMPUR (Feb 27): E-government services provider MyEG Services Bhd turned in a net profit of RM69.28 million for the three-month period ended Dec 31, 2019 on a revenue of RM119.69 million.

This latest quarterly results, together with four previous quarters, provide MyEG with a cumulative net profit of RM304.59 million for its 15-month financial period ended Dec 31, 2019 (FY19), on a revenue of RM595.94 million, its stock exchange filing today showed.

No comparative figures were available as the group changed its financial year-end from Sept 30 to Dec 31.

For FY2020, MyEG said it will continue to introduce innovative services leveraging on new technology to drive growth. It also said it is expanding its regional presence in Asia, with the introduction of new joint ventures and services in the Philippines, Bangladesh and Indonesia.

“We are bringing our technology and expertise to these countries and hope to introduce innovative services that will enhance the efficiency in these new markets and allow us to tap the continuous growth of transactions where the population in these countries are becoming more tech savvy. These new markets will contribute to our organic growth in the coming years,” it said.

In addition, MyEG said it will work closely with the government to continue rolling out new e-government services.

“Barring any unforeseen circumstances, the board is cautiously optimistic that the long-term outlook for MyEG remains positive as we continuously introduce innovative services as well as embark on a regional expansion,” it said.

MyEG shares closed six sen or 5.08% lower at RM1.12 today, bringing it a market capitalisation of RM3.88 billion.