KUALA LUMPUR: MyEG Services Bhd's net profit jumped 62.5 per cent to RM195.05 million in the third quarter ended Sep 30, 2024 (Q3 2024) versus RM120 million in the same period last year on the back of higher revenue.
Revenue for the quarter under review rose 27.8 million to RM248.13 million versus RM194.12 million in Q3 2023.
The company said the improved performance was due to contribution from web3 application service fees on the Zetrix blockchain platform such as ZTrade, ZCert and Digital ID registration and transaction as well as contribution from the sale of Zetrix tokens.
Revenue was also supported by recognition of fair value gain on investment in HeiTech Padu Bhd.
For the cumulative nine month period, its net profit rose to RM516.42 million from RM337.49 million a year ago while revenue expanded to RM723.37 million versus RM552.22 million.
For the financial year ending Dec 31, 2024, 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 its organic growth.
"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 group's foray into the global market," it said in a filing with Bursa Malaysia.
The company said it is cautiously optimistic that the long-term outlook remains positive as it continues to introduce innovative services in Malaysia as well as globally.