MYEG reports higher Q1 net profit of RM155mil

MYEG reports higher Q1 net profit of RM155mil

MYEG attributed the better revenue and net profit to contributions from its Zetrix blockchain platform and the sale of Zetrix tokens.

myeg
MYEG is expected to continue introducing innovative services by leveraging new technologies, specifically blockchain or Web 3.0. (Facebook pic)
KUALA LUMPUR:
MyEG Services Bhd’s (MYEG) net profit for the first quarter ended March 31, 2024 (Q1 2024) increased to RM155.83 million from RM105.94 million reported in the same period a year ago.

Revenue for the quarter under review increased 34.48% to RM232.96 million from RM173.22 previously.

In a filing with Bursa Malaysia today, MYEG attributed the better revenue and net profit to contributions from its Zetrix blockchain platform and the sale of Zetrix tokens.

Regarding prospects, MYEG said it expects to continue introducing innovative services by leveraging new technologies, specifically blockchain or Web 3.0 in Malaysia, as well as globally, to drive the company’s organic growth for the financial year 2024.

“With the 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 added.

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