MyEG Services (Bursa: 0138) is involved in the development and implementation of electronic channels for various government services. These include renewal of road tax and motor insurance, issuance/renewal of drivers’ licenses, payment of traffic fines, renewal of foreign workers’ work permit and insurance, collection of zakat, and more. It is like Malaysia’s ‘online government department’.
We attended the most recent MyEG Services AGM to find out more about its performance for the past financial year and to suss out the management better.
In addition to the AGM, the company also held an EGM to obtain shareholders’ approval for the company to diversify into the foreign workers accommodation programme.
Here are 10 things we learned from the 2017 MyEG Services AGM/EGM:
1. MyEG registered a 31.8% increase in revenue year-on-year to RM371.22 million. Likewise, its net profit jumped 40.4% to RM200.05 million. The substantial growth in both …