MyEG Services pre-tax profit goes up to RM54 million


KUALA LUMPUR: MyEG Services Bhd’s pre-tax profit for the third quarter of the financial year ending June 30, 2017 increased to RM54.48 million from RM33.40 million chalked up in the same period in 2016.

Revenue soared to RM99.22 million from RM70.12 million previously.

This was mainly due to higher transaction volume from online renewal of foreign workers’ permits, foreign worker rehiring programme services and foreign worker insurance, as well as increase in contributions from motor vehicle trading related services, the company said in a filing to Bursa Malaysia today.

Going forward, the continued growth of its existing services, especially the online renewal of foreign workers’ insurance and foreign worker services, was expected to contribute to its revenue.

“While concession services continue to be our core business, non-concession related services, such as road safety diagnostic services, sale of prepaid top-ups for Celcom mobile lines and provision of hostel accommodation to foreign workers, are expected to contribute to our growth for this year,” it said.

MyEG was cautiously optimistic that the results for the financial year 2017 would continue to be satisfactory as more Malaysians adopt online government services as a convenient and cheaper alternative.