MyEG Q2 net profit jumps 57%

PETALING JAYA: My E.G. Services Bhd's net profit for the second quarter ended Dec 31, 2016 rose 57% to RM47.6 million from RM30.3 million a year ago attributable to higher transaction volumes from the online renewal of foreign workers' permits and insurance (FWP) and foreign worker rehiring programme services; as well as increase in revenue contribution from our motor vehicle trading related services.
Its revenue increased 39.6% to RM88.7 million compared with RM63.5 million in the previous year's corresponding quarter.
For the six months period net profit jumped 50% to RM88.1 million from RM58.8 million last year primarily attributable to higher transaction volumes from the online renewal of FWP and foreign worker rehiring programme services; increase in revenue contribution from our JPJ related services; and increase in revenue contribution from our motor vehicle trading related services.
Its revenue increased 34.6% to RM167.3 million against RM124.2 million a year ago.
The directors have declared a first interim single tier dividend of 0.5 sen per ordinary share amounting to RM18.03 million for the current financial year ending June 30, 2017, payable on May 24, 2017 to shareholders registered at the close of business on April 26, 2017.
For the financial year ending June 30, 2017 (FY2017), the continued growth in volume of our existing services, especially the online renewal of foreign workers' insurance and foreign worker services, are expected to contribute to its group revenue and profit after tax.
"While concession services continue to be our core business, non-concession related services, such as the 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 FY2017," it said.