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MY E.G. Services Bhd (MYEG), Malaysia’s electronic government services provider, announced that pre-tax profit for its fourth quarter ended June 30, 2009, rose to RM4.149 million from RM4.119 million in the same period last year.

Its revenue went up to RM13.769 million from RM12.084 million previously, the company said in a statement yesterday.

MYEG said it achieved a strong bottomline growth of 16 per cent year-on-year to RM17.2 million for its financial year ended June 30, 2009, following rising demand for its e-government services, particularly its online auto insurance and road tax renewal, and related services.

Its group revenue rose 20 per cent to RM52.5 million from RM43.8 million previously.

Basic earnings per share stood at 2.9 sen versus 2.6 sen in the previous financial year.

In view of its improved financial performance, MYEG recommended for shareholders” approval a fourth and final tax exempt dividend of 0.455 sen per share, bringing the total dividend declared to 1.82 sen per share in respect of financial year 2009.

“From a larger perspective, MYEG’s revenue has achieved compounded annual growth rates (CAGR) of 54 per cent per year from financial year 2006 till financial year 2009, while group net profits recorded 34 per cent CAGR over the same period,” said MYEG executive chairman Datuk Dr Norraesah Mohamad.

“This outstanding performance certainly attests to our successful business model, and the encouraging trend of public adoption of e-government services rolled out,” Norraesah said.

“We believe that our strong recurring income base will provide a strong foundation for financial year 2010 onwards, and enable us to actively participate in the industry”s growth moving forward,” she said.

The company’s main activities comprise development and implementation of e-government services and the provision of other related services for the e-government services projects. — Bernama

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Kurnia Asia Bhd has returned to the black, notching a net profit of RM57.05 million for the financial year ended June 30, 2009, against a net loss of RM301.79 million in the year before.

In a statement, its executive chairman, Tan Sri Paduka Kua Sian Kooi, said the substantial improvement was due to the positive and sustained underwriting performance for four consecutive quarters achieved during the financial year.

“It is an exceptional achievement amid such a touch operating environment,” he said.

Kua said the company’s Transformation of Operations and Performance programme has also helped to bring the group’s underwriting results back on track.

Kurnia holds the entire equity interest in Kurnia Insurans (M) Bhd. — Bernama

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MK Land Holdings Bhd returned to the black with a net profit of RM18.3 million in its full year to June 30 2009, and it expects to do even better this year, driven by higher property sales.

The developer, which suffered a loss of RM60 million in 2008, said its turnaround was due to strong property and land sales.

“The strategies which we put in place during the recession has paid off and we are optimistic of seeing continuous growth in the current financial year,” said its executive chairman Tan Sri Mustapha Kamal Abu Bakar.

He said the company is seeing robust growth in sales despite the economic slowdown due to its properties’ strategic location and also a more stable property market.

“Another contributing factor is the success of our turnaround plan or renaissance which took place early July 2008,” Mustapha Kamal told reporters at a media briefing in Petaling Jaya, Selangor, yesterday.

MK Land’s revenue for 2009 stood at RM246.5 million as against RM137 million previously.

In the 12-month period, the group recorded sales worth RM136 million compared with only RM93 million previously.

Mustapha Kamal is confident the property market will continue its recovery over the next 12 to 18 months.

“With a total landbank of 2,833.6ha, we have enough landbank to last us for the next five years,” he said, noting that in the first three months alone until August, the group already achieved sales worth RM271 million.

The group has a total gross development value of RM19.8 billion.

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