See also: MC Payment proposes name change to OxPay Financial
Gross profit rose 11% to S$2.8 million in 1H2021, despite a slight decrease in revenue, due to a better pricing strategy, as gross profit margin jumped by nearly 600 basis points to 47.7% in 1H2021. Administrative expenses increased by $4.2 million due mainly to the one-time RTO expense of $3.6 million, as well as higher legal fees of $0.1 million and expenses incurred due to a one-time legal fee of $0.16 million relating to the EGM on 30 June 2021. The group’s operating and free cash flow were positive for 1H2021.
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MC Payment has announced a name change to OxPay Financial, subject to shareholders’ approval in an EGM to be held on Sept 2, 2021.
