KUALA LUMPUR (Nov 29): MY EG Services Bhd's (MYEG) posted a net profit of RM150.7 million for the third quarter ended Sept 30, 2022 (3QFY2022), almost doubled the RM78.46 million recorded in the previous year, propelled by the resumption of full operations of its e-service centres nationwide.

The group also reported a 3.7% growth year-on-year in revenue to RM162.6 million for 3QFY2022 from RM156.8 million, supported by higher contribution from its foreign worker job matching service as well as the sale of Zetrix tokens from MYEG's new venture in the Zetrix blockchain platform.

Zetrix is the international extension of Xinghuo BIF, China's largest national-level blockchain network supported by all levels of the Chinese government and running both governmental and commercial applications.

In a Bursa Malaysia filing on Tuesday (Nov 29), MYEG stated that the other boost factor for its 3QFY2022 revenue was the one-off recognition of fair value gain in investment after the listing of its investment in Agmo Holdings Bhd on Aug 18.

However, for the cumulative nine months ended Sept 30, 2022 (9MFY2022), the group experienced a 0.8% drop in revenue to RM486.18 million, from RM489.99 million in the corresponding period last year.

MYEG said the marginal decrease was due to lower demand for the quarantine services. It had previously launched new commercial services under its Covid-19 health screening, quarantine collection services branded as MySafeTravel and MySafeQuarantine.

Nonetheless, MYEG's net profit for 9MFY2022 still noted a 37.6% increase to RM324 million from RM235.4 million previously.

"For the financial year ending Dec 31, 2022 (FY2022), MYEG expects to continue introducing innovative services by leveraging on new technologies in Malaysia as well as the countries which we have presence in, to drive our organic growth for FY2022," the group said.

MYEG said it is collaborating with its partners to integrate Zetrix with China's national blockchain platform, namely Xing Huo.

"With such collaboration, the group will be able to start introducing commercial services which can be used globally," it added.

MYEG is principally engaged in the business of development and implementation of e-government services projects and the provision of other upstream- and downstream-related services for the e-government initiative.

Shares of MYEG closed one sen or 1.15% higher at 88 sen on Tuesday, giving it a market capitalisation of RM6.58 billion.