MyEG's Q3 earnings fall to RM120mil

KUALA LUMPUR: MyEG Services Bhd's net profit fell 20.4 per cent to RM120 million in the third quarter ended Sept 30, 2023 (3Q23) from RM150.71 million a year ago. 

The company, in a Bursa Malaysia filing today, attributed the lower earnings to the one-off recognition of fair value gain in investment amounting to RM61.89 million as a result from the listing of its investment in Agmo Holdings Bhd in 3Q22.

Quarterly revenue, however, increased 19.4 per cent to RM194.12 million from RM162.62 million previously, driven by the contribution from newly-launched services from its Zetrix blockchain platform and contribution from the sale of Zetrix tokens. 

The company registered lower earnings per share of 1.60 sen from 2.00 sen in 3Q22. 

For the nine-month financial period ended Sept 30, 2023 (9MFY23), MyEG's net profit increased slightly higher to RM337.49 million from RM323.97 million previously, while revenue also rose to RM552.22 million from RM486.17 million. 

MyEG 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 our organic growth for FYE2023. 

"With its Layer 1 blockchain platform namely Zetrix coming online, there is a huge potential for MyEG to commercialise innovative services as Web 3.0 becomes widely adopted.  

"Furthermore, Zetrix has also been integrated with China's national blockchain platform, namely 'Xing Huo' which will allow ease of cross border trade to take place and it will be the group's foray into the global market," it said. 

Barring any unforeseen circumstances, the board is cautiously optimistic that the long-term outlook for MyEG remains positive as it continues to introduce innovative services in Malaysia as well as globally.

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