Services Bhd's second quarter net profit rose 24% year-on-year as it recorded higher transaction volumes from its foreign worker renewal and rehiring related businesses, and higher contribution from its motor vehicle trading-related services. Specifically, it saw higher transaction volumes from the online renewal of foreign workers' permits (FWP), foreign workers rehiring programme (FWR) services, and foreign workers' insurance from both the FWP and FWR services. It said the introduction of the foreign worker job matching and placement programme, which started under its non-concession related services segment in 2QFY18, also boosted earnings. In the six months ended Dec 31 (1HFY18), MyEG's net profit grew 27% y-o-y to RM111.83 million from RM88.13 million, while cumulative revenue rose 24% y-o-y to RM207.27 million from RM167.26 million. At the same time, MyEG will continue to introduce non-concession related services which will benefit the country and its citizens,” the group added.

Source: The Edge Markets February 27, 2018 12:22 UTC