PETALING JAYA: MyEG Services Bhd’s earnings momentum will be driven by its decentralised finance (DeFi) segment that is projected to deliver an even stronger performance in the fourth quarter of 2023 (4Q23). Maybank Investment Bank Research (Maybank IB Research) said MyEG’s strong results in 3Q23 were driven by the sales of its flagship Zetrix token, which continued to drive growth in the group’s blockchain-solutions segment. For 3Q23, MyEG’s core net profit rose by 7% year-on-year (y-o-y) to RM120.1mil. MyEG’s turnover in 3Q23 saw a 5% increase quarter-on-quarter (q-o-q) due to 30% sequential growth in the DeFi segment’s contribution. “With management alluding to strong token sales following the October IEO, we expect MyEG’s DeFi segment to deliver an even stronger performance in 4Q23.

Source: The Star December 21, 2023 15:38 UTC