KUALA LUMPUR: E-government services provider My EG Services Bhd’s 1QFY12 ended Sept 20 net profit rose 91.9% to RM5.4 million from RM2.8 million a year ago, on higher revenue driven by growth from the online renewal of auto insurance, road tax transactions and its related services.
MyEG’s revenue grew 18.2% to RM14.2 million from RM12 million previously, it said in an announcement yesterday.
Group revenue was also boosted by the deployment of more e-service kiosks and the introduction of new cloud computing-based services.
“The quarter under review saw the group incurring higher depreciation in tandem with the additional e-service kiosks,” it said.
MyEG increased the number of kiosks to 495 as at end-June, compared with 345 in the previous financial year.
The e-services provider also attributed the improved earnings to trimming of marketing expenses in 1QFY12. In the previous financial year, MyEG had incurred one-off costs for advertising and promotion for World Cup 2012.
“With the increased number of e-service touchpoints and greater operations efficiency from cloud computing, we anticipate growing adoption of our existing and upcoming e-government services,” said executive chairman Datuk Dr Norraesah Mohamad.
MyEG rose half a sen to close at 61 sen yesterday with 369,700 shares done.
This article appeared in The Edge Financial Daily, December 1, 2011.
MyEG’s revenue grew 18.2% to RM14.2 million from RM12 million previously, it said in an announcement yesterday.
Group revenue was also boosted by the deployment of more e-service kiosks and the introduction of new cloud computing-based services.
“The quarter under review saw the group incurring higher depreciation in tandem with the additional e-service kiosks,” it said.
MyEG increased the number of kiosks to 495 as at end-June, compared with 345 in the previous financial year.
The e-services provider also attributed the improved earnings to trimming of marketing expenses in 1QFY12. In the previous financial year, MyEG had incurred one-off costs for advertising and promotion for World Cup 2012.
“With the increased number of e-service touchpoints and greater operations efficiency from cloud computing, we anticipate growing adoption of our existing and upcoming e-government services,” said executive chairman Datuk Dr Norraesah Mohamad.
MyEG rose half a sen to close at 61 sen yesterday with 369,700 shares done.
This article appeared in The Edge Financial Daily, December 1, 2011.
