MyEG reports higher earnings in third quarter

PETALING JAYA: MyEG Services Bhd expects to continue introducing innovative services by leveraging on new technologies, specifically blockchain or Web 3.0 in Malaysia as well as globally, to drive organic growth in its current financial year.

In a filing with Bursa Malaysia, the company said net profit for the third quarter ended Sept 30, 2024, rose to RM195.05mil from RM120mil a year earlier, while revenue grew to RM248.13mil from RM194.12mil previously.

MyEG said the better performance during the quarter was a result of contribution from Web 3.0 application service fees on the Zetrix blockchain platform, such as ZTrade, ZCert and Digital ID registration and transaction.

Contribution from the sale of Zetrix tokens and recognition of fair value gain on investment in Heitech Padu Bhd also drove the stronger results.

Basic earnings per share stood at 2.60 sen versus 1.60 sen previously.

For the nine-months period ended Sept 30, 2024, MyEG’s net profit rose to RM516.42mil from RM337.49mil in the previous corresponding period, while revenue grew to RM723.37mil from RM552.22mil a year earlier.

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