PETALING JAYA: MyEG Services Bhd has received a three-year contract extension from the Road Transport Department (JPJ) to provide online services related to vehicle registration, driver and vehicle licensing, and payment of summons.
MyEG and its wholly owned subsidiary MyEG Sdn Bhd had each received the letter of extension from JPJ today, the group said in a filing with Bursa Malaysia.
The extended contracts will run from May 23, 2023 to May 22, 2026.
“The estimated total value of the extension will be dependent on the number of transactions performed over this period. An agreement to formalise the extension will be signed and announced by the company in due course,” MyEG said in the filing.
The extension is projected to improve the group’s earnings and net assets per share for the 2023 financial year (FY2023) onward.
Two weeks ago, the e-government service provider was granted a two-year extension of its immigration related services contract.
For the financial quarter ended June 30, 2023 (Q2 FY2023), MyEG’s net profit rose 26% to RM111.6 million from RM88.6 million in the same quarter a year earlier.
Its revenue rose 14% to RM184.9 million from RM161.8 million within the same period.
At market close today, its share price dropped 1 sen (1.29%) to 76 sen, giving the group a market capitalisation of RM5.75 billion. - FMT
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