KUALA LUMPUR: MY E.G. Services Bhd's (MYEG) net profit rose 47.09 per cent to RM155.83 million in the first quarter (Q1) ended March 31, 2024 from RM105.94 million a year ago on contribution from its Zetrix blockchain platform services and sale of Zetrix tokens.
The company's revenue rose 34.49 per cent to RM232.96 million in Q1 2024 from RM173.22 million last year.
"The increased was primarily due to revenue derived from the sale of Zetrix tokens," it said in a filing today.
No dividends were paid during the current financial quarter under review.
On its prospects, MYEG said for the financial year ending December 31, 2024 (FY24), it 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 its organic growth for FY24.
With its Layer 1 blockchain platform namely Zetrix coming online, MYEG continues 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 company's foray into the global market. "Barring any unforeseen circumstances, the board is cautiously optimistic that the long-term outlook for MYEG remains positive as we continue to introduce innovative services in Malaysia as well as globally," it added. Ends