KUALA LUMPUR (Nov 20): MyEG Services Bhd’s third quarter net profit fell 20.38% to RM120 million, from RM150.71 million a year earlier when there was a one-off recognition of fair value gain of RM61.89 million as a result of the listing of its associate Agmo Holdings Bhd on the ACE Market.

Earnings per share for the quarter ended Sept 30, 2023 (3QFY2023) dropped to 1.6 sen from two sen, according to the digital services provider’s filing with Bursa Malaysia on Monday.

Quarterly revenue rose 19.37% to RM194.12 million from RM162.62 million in 3QFY2022, driven by contributions from its newly launched services on the Zetrix blockchain platform and from the sales of Zetrix tokens.

For the first nine months of FY2023, MyEG’s net profit increased 4.17% to RM337.49 million from RM323.97 million in the same period last year, as revenue grew 13.58% to RM552.22 million from RM486.18 million on the back of its Zetrix blockchain platform, the sale of Zetrix tokens, and the increase in foreign worker job matching service due to the lifting of a freeze on foreign worker recruitment.

Moving forward, MyEG said it will continue to introduce innovative services by leveraging new technologies, specifically blockchain or Web 3.0 in Malaysia and globally to drive its organic growth for FY2023.

"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 said.

Shares of MyEG settled up one sen or 1.26% at 80.5 sen on Monday, giving the group a market capitalisation of RM6.05 billion.