IT has been a good year for e-government services provider My EG Services Bhd (MyEG) which has plans to further leverage new technologies, including artificial intelligence (AI).

MyEG posted a net profit of RM697.5 million for the financial year ended Dec 31, 2024 (Fy24), a jump of 43% from the same period a year earlier, on the back of RM1.017 billion, up 31% from FY23.

The FY24 profit numbers were up primarily due to contributions from web3 application service fees from the Zetrix blockchain platform such as ZTrade, ZCert and Digital ID registration and transaction. The other contributors were the sale of Zetrix tokens and recognition of fair value gain on investment in HeiTech Padu Bhd.

For FY25, the company expects to continue introducing innovative services by leveraging on new technologies, specifically AI Artificial technology to its blockchain or Web 3.0 applications and infrastructure in Malaysia as well as globally, to drive its organic growth for FYE2025, it said in an exchange filing today.

MyEG is a concessionaire for the Malaysia Electronic-Government (e-Government) MSC flagship application. It builds, operates and owns the electronic channel to deliver services from various Government agencies to Malaysian citizens and businesses. Beyond Malaysia, it has operations in other key regional markets such as the Philippines, Hong Kong and China.

Its shares closed 2% or 2 sen higher at RM1.03 today, resulting in a market capitalisation of RM7.9 billion. –TMR