KUALA LUMPUR: MY E.G. Services Bhd (MYEG) reported a substantial increase in net profit, reaching RM195.05 million in the third quarter (3Q) ended September 30, 2024, a 62.5 percent rise from RM120 million in the same period last year. The surge in earnings was primarily due to higher service fees and gains from investments.

According to BERNAMA News Agency, the company’s revenue for the third quarter rose by 27.8 percent to RM248.13 million, compared to RM194.12 million previously, as detailed in a filing to Bursa Malaysia today. The significant profit boost was largely driven by contributions from Web3 application service fees through its Zetrix blockchain platform and a fair value gain on its investment in HeiTech Padu Bhd.

For the nine months ended September 30, 2024, MYEG’s net profit increased by 53 percent to RM516.42 million, up from RM337.49 million in the corresponding period last year. Revenue during this period also saw a rise of 31 percent, amounting to RM723.37 million from RM552.22 million.

Looking towards the future, MYEG anticipates continued growth through the introduction of innovative services that leverage blockchain and Web3 technologies within Malaysia and internationally. ‘With our Layer 1 blockchain platform, Zetrix, now fully operational, MYEG is actively commercialising innovative services as Web 3.0 adoption accelerates,’ the company stated.

Furthermore, the integration of Zetrix with China’s national blockchain platform, Xing Huo, facilitates seamless cross-border trade, marking MYEG’s entry into the global market. The board remains cautiously optimistic about the company’s long-term prospects, underscoring the strong growth potential driven by technological advancements and new service offerings.