MyEG’s 4Q profits skyrockets, driven by Zetrix Blockchain growth

MyEG Services Bhd reported a doubled net profit of RM150.16 million for the fourth quarter ended Dec 31, 2023, compared to RM74.69 million in the same period a year earlier. 

The substantial increase was attributed to the growth in revenue, rising by 42.4% to RM222.06 million. 

The surge in quarterly earnings was primarily driven by the Zetrix blockchain platform, Zetrix token sales, and the initial exchange offering of Zetrix tokens on major global digital asset exchanges. 

For the full financial year ended Dec 31, 2023, MyEG’s net profit expanded by 22.32% to RM487.65 million, with revenue increasing by 20.57% to RM774.28 million. 

The annual earnings were bolstered by the Zetrix blockchain platform and tokens, existing concession and commercial services, and an increase in foreign worker job-matching services following the lifting of the freeze on foreign worker recruitment.

MyEG proposed a final dividend of 1.68 sen per share, bringing the total dividend payout for FY2023 to 1.93 sen, an increase from the 1.42 sen paid for FY2022.

The company expressed cautious optimism about its long-term outlook, aiming to remain positive by introducing innovative services in Malaysia and globally. 

MyEG’s shares closed up 0.64% at 79 sen with a market capitalisation of RM5.93 billion. –TMR