MyEG Profits Soar As Consumers Turn To Online Services During Pandemic
KUALA LUMPUR: MyEG Services Bhd said the increase in the volume of online transactions during the pandemic and the contribution of new Covid-19 related activities increased its profits in the second quarter.
Net profit for the quarter ended June 30 jumped 28% to RM80.7 million from RM 63 million a year ago.
Revenue increased 30% to RM161.7mil.
MyEG said the better results were due to increasing “online transaction volumes for our existing sales and concession services as more and more users chose to transact online due to the Covid-19 pandemic, “he said in a filing today.
This includes the contribution of its new online renewal of motorcycle insurance and road tax as well as the online renewal of the competent driver’s license (CDL).
MyEG also provides Covid-19 health screening, quarantine collection services under MySafeTravel (MST) and MySafeQuarantine (MySafeQ).
“While this pandemic is ongoing, we are optimistic that our business will remain resilient while remaining vigilant in the face of new opportunities,” he said.
“For example, in these difficult times, we continue to introduce innovative online services such as our Covid-19 medical screening service as well as new concession services such as MIRT online renewal and CDL online renewal. for the convenience of Malaysians, ”he added.
MyEG said it was “cautiously optimistic that the long-term outlook for the company remains positive as we continue to introduce innovative services in Malaysia and in countries where we have a regional presence.”