MYEG 3Q Net Profit Jumps 62.5 Pct To RM195 Mln On Higher Fees, Investments

KUALA LUMPUR, Nov 20 (Bernama) -- MY E.G. Services Bhd’s (MYEG) net profit soared 62.5 per cent to RM195.05 million in the third quarter (3Q) ended Sept 30, 2024, from RM120 million in the same period last year, driven by higher service fees and investment gains.

Revenue for 3Q rose 27.8 per cent to RM248.13 million from RM194.12 million previously, it said in a filing to Bursa Malaysia today.  

The sharp increase in earnings was attributed to contributions from Web3 application service fees via its Zetrix blockchain platform and a fair value gain on investment in HeiTech Padu Bhd.  

For the nine months ended Sept 30, 2024, MYEG’s net profit climbed 53 per cent to RM516.42 million from RM337.49 million in the same period last year, as revenue rose 31 per cent to RM723.37 million from RM552.22 million.  

Looking ahead, the company expects sustained growth by rolling out innovative services that leverage blockchain and Web3 technologies in Malaysia and beyond.  

“With our Layer 1 blockchain platform, Zetrix, now fully operational, MYEG is actively commercialising innovative services as Web 3.0 adoption accelerates. 

"Furthermore, Zetrix's integration with China's national blockchain platform, Xing Huo, enables seamless cross-border trade, marking the group’s entry into the global market,” it said.  

The board remains cautiously optimistic about MYEG’s long-term prospects, citing strong growth potential driven by technological advancements and new service offerings.

-- BERNAMA