PETALING JAYA: My EG Services Bhd’s (MyEG) first-quarter net profit for the financial year 2022 (FY22) has risen about 11% to RM84.63mil from RM76.29mil in the same quarter a year ago.

       Revenue for the quarter was lower year-on-year by 5.7% to RM161.77mil.

       “The decrease of approximately RM9.69mil revenue was mainly because previously, the group had purchased rooms upfront from the quarantine hotels for the private quarantine arrangement which resulted in a higher revenue and cost of sales,” the group said in the notes to its financial statements.

       MyEG said its net profit had improved due to the higher contribution from Covid-19 quarantine collection services under MySafeTravel and MySafeQuarantine as the government closed down its quarantine centres and allowed private quarantine arrangements to be made.

       MyEG said profit had also been supported by higher transaction volumes for its existing concession services which resulted in higher contribution from ancillary services such as fulfillment of security documents and the online renewal of insurance.

       Its basic earnings per share rose to 1.1 sen for the quarter while no dividend was declared for the quarter. Moving forward for the entire FY22, it said that it will continue introducing innovative services by leveraging on new technologies.