MY E.G. SERVICES BERHAD Registration No. 200001003034 (505639-K) 22 The COVID-19 pandemic, which began in late FY2019, continued to exert profound influence on the direction of the global and domestic economies throughout FY2021. Notably, the spread of the virus proved to be more than just a health crisis as its impact continued to be felt across the business landscape and financial markets. Nonetheless, as the availability of vaccines widened and as immunisation rates increased the world over, global economic and social activities began recovering at a more meaningful pace as governments progressively eased restrictions on economic activities, travel and social pursuits. Malaysia was no exception. On the whole, FY2021 proved to be an improved year as gross domestic product (“GDP”) growth for Malaysia turned positive, registering a 3.1% expansion, a marked improvement over the previous year’s GDP contraction of 5.6%. MYEG IN FY2021 Despite a return to positive growth, the Malaysian economy still had to contend with its fair share of headwinds in FY2021, COVID-19 aside. These included private and public sector expenditure staying relatively subdued during the year as well as continued political uncertainties. Cumulatively, these developments compounded the challenges faced by businesses amidst a pandemic-afflicted operating landscape. However, despite the turbulent operating conditions, MYEG demonstrated resilience – exemplifying business and operational excellence to register a positive revenue and earnings performance as well as accomplishing numerous highlights and achievements. Leveraging on the strength of its business model, which enables a quick and measured response to market forces, MYEG has continued to make progress in the realisation of its vision and mission while sustaining financial and nonfinancial value creation. Importantly, the Group has continued to play a pivotal role in supporting the nation and its citizens during the pandemic period, providing a wide range of much-needed solutions and services towards combatting COVID-19 and keeping society safe. More information on these solutions and services are provided in the Our Strategy section of this report. By focusing on innovative technology and speed to market, as well as continuing to respond to the needs of the government and society, MYEG ensured its competitiveness while serving the needs of the nation and the public. All in all, MYEG draws from the inherent strengths of its business model and expertise as a leading digital services provider in the region to actively develop various solutions, partnerships and services to address market needs. This constant commitment to being a trail blazer and market leader led MYEG to not only attain international recognition from the likes of Asiamoney, which named the Group as one of Asia’s Outstanding Companies under the ‘Malaysia - Software and Internet Services’ category in FY2021, but also culminated in the Group delivering its best ever financial performance with revenue and earnings reaching record levels for the year. MYEG’s business model has enabled the Group to effectively adapt to the ever-shifting external environment. MYEG has remained proactive in attuning to shifting market forces by continuing to leverage proprietary technologies, systems and platforms to introduce new services in Malaysia and beyond while also expanding existing offerings. More information on MYEG’s business and operational highlights for FY2021 are provided in the ‘Business and Operational Highlights’ section of this Management Discussion and Analysis. FINANCIAL PERFORMANCE For FY2021, MYEG posted a 36.1% year-on-year rise in revenue to a record high of RM721.88 million, (FY2020: RM530.46 million), while PBT also reached a record RM320.68 million, up 19.2% from the previous year (FY2020: RM268.96 million). The commendable financial results were derived from across the spectrum of the Group’s businesses, ranging from concession services to commercial services. MANAGEMENT DISCUSSION AND ANALYSIS REVIEW OF THE MACRO-OPERATING ENVIRONMENT
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