KUALA LUMPUR (May 20): MyEG Services Bhd (KL:MYEG) posted a 16.5% year-on-year rise in net profit for the first quarter, underpinned by contributions from its Zetrix blockchain platform.

The net profit for the three months ended March 31, 2025 (1QFY2025) climbed to RM181.64 million from RM155.95 million in the same period a year earlier, according to the group’s bourse filing on Tuesday.

Revenue increased 28.8% to RM299.99 million from RM232.96 million in 1QFY2024.

No dividend was declared for the quarter.

MyEG attributed the rise in net profit and revenue to Web3 application service fees on the Zetrix platform, as well as the sale of Zetrix tokens.

The group said earnings for 1QFY2025 were partially offset by a mark-to-market impairment loss of RM15.76 million from its investment in HeiTech Padu Bhd (KL:HTPADU). MyEG has a 19.18% stake in Heitech Padu.

Going forward, MyEG said it expects to continue to drive growth via its initiatives in Zetrix.

“These initiatives include the commercialisation of innovative services as Zetrix becomes widely adopted. With the operationalisation of Malaysia Blockchain Infrastructure with MIMOS Technology Solutions Sdn Bhd (a wholly-owned subsidiary of MIMOS Bhd), the opportunities for Zetrix will be further enhanced,” it added.

The group is cautiously optimistic that its long-term outlook remains positive as it continues to introduce innovative services in Malaysia and globally.

Shares in MyEG ended unchanged at 89.5 sen, valuing the group at RM6.92 billion.