Listed in 2007 on Bursa Malaysia, MY E.G. Services Berhad (MYEG) provides a wide variety of electronic government services including renewal of foreign worker work permits and road tax as well as other services such as auto financing. In 2019, it obtained about three quarters of its revenue from Malaysia alone. It is present in the Philippines and Indonesia while its business expansion into Bangladesh is still in its nascent stage.
Its share price has yet to return to its glory days of between RM2 and RM3 prior to the 2018 Malaysian general election. As at the end of August 2020, its share price stood at RM1.49.
Here are 10 things I learned from the 2020 MYEG AGM and EGM:
- In the past six years, the compounded annual growth rate (CAGR) of MYEG’s revenue and net profit stood at 40.1% and 43.2% respectively.
However, the financial periods of 2018 (FP2018) and 2019 (FP2019) actually span 15 months. The adjusted CAGR of its revenue and net profit will be relatively lower at 34.0% and 36.7% respectively, which are still solid.