MALAYSIA, 21/11/2024 (Asia News Channels) - MY E.G. Services Bhd (MYEG) reported a significant increase in net profit for the third quarter ending September 30, 2024. The company achieved a net profit of RM195.05 million, representing a 62.5% growth compared to RM120 million in the same period last year. This performance was primarily attributed to higher service fees and fair value gains from investments.
Revenue for the third quarter rose 27.8% to RM248.13 million, up from RM194.12 million a year earlier. The robust revenue growth was driven by contributions from Web3 service fees via the Zetrix blockchain platform and investment gains in HeiTech Padu Bhd.
For the nine months ending September 30, 2024, MYEG’s net profit climbed 53% to RM516.42 million, compared to RM337.49 million in the corresponding period last year. Revenue also grew by 31% to RM723.37 million from RM552.22 million.
Looking ahead, MYEG anticipates sustainable growth through the rollout of innovative services leveraging blockchain and Web3 technologies both within Malaysia and internationally.
“With the fully operational Zetrix Layer 1 blockchain platform, MYEG is actively commercializing innovative services as Web3 adoption accelerates. Additionally, the integration of Zetrix with China's national blockchain, Xing Huo, facilitates seamless cross-border trade, marking the group’s entry into global markets,” the company stated.
The Board of Directors remains optimistic about MYEG's long-term prospects, citing strong growth potential supported by technological advancements and new service offerings.
--ASIA NEWS CHANNELS