KUALA LUMPUR (May 29): MyEG Services Bhd (KL:MYEG) posted its highest quarterly net profit of RM155.83 million for the first quarter ended March 31, 2024 (1QFY2024) on the back of an increase in revenue.

Net profit came in 47.1% higher than the RM105.83 million it reported for the same quarter a year earlier. Earnings per share rose to 2.1 sen from 1.4 sen in 1QFY2023.

Quarterly revenue increased 34.48% year-on-year to RM232.96 million from RM173.22 million, the group's bourse filing on Wednesday showed.

No dividends were announced for the quarter.

The e-government services provider attributed its improved 1QFY2024 financial performance to contributions from its Zetrix blockchain platform and the sale of Zetrix tokens.

MyEG added that it is optimistic of its long-term outlook, as the group continues to introduce innovative services in Malaysia as well as globally.

Leveraging on new technologies, specifically blockchain or Web 3.0, to drive its organic growth this year, MyEG expects to introduce some of its innovative services in FY2024.

“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,” the group said.

Shares of MyEG closed one sen or 1% higher at RM1.04 on Wednesday, giving the group a market capitalisation of RM7.86 billion. Year to date, the stock has gained 28%.