MyEG diversifies portfolio
BY TEE LIN SAY
PETALING JAYA: My EG Services Bhd (MyEG) has brushed aside notion that the bulk of its business activities were dependent on the Government.
It said that commercial solutions and services now make up 70% of the group’s business activities, thus no longer rendering it just a concession for various e-government applications.
“On the domestic front, we are experimenting with vehicle leasing and online TV commerce and investing in a slew of start-ups,” said Wong.
Wong is the single largest shareholder of MyEG with a direct stake of 7.21%. He has an indirect stake of 31.95% via Asia Internet Holdings Sdn Bhd.
The contribution to its commercial revenue consisted of solutions such as automobile insurance, foreign worker insurance, advanced credit and debit payment solutions, the sale of telecommunications services and the provision of hostel accommodations for foreign workers.
At this price, it is trading at a price earnings ratio of 37.91 times.
For the financial year ended June 30, 2016, MyEG registered a net profit of RM142.52mil on a turnover of RM281.73mil, indicating a margin of about 50% on its business.
Source: The Star
http://www.thestar.com.my/business/busi ... portfolio/