KUALA LUMPUR, Malaysia, April 30, 2024 (GLOBE NEWSWIRE) - VCI Global Limited (NASDAQ: VCIG) (“VCI Global”, “VCIG”, or the “Company”), a diversified holding company focusing on consulting and technology, is proud to announce its audited financial results for the financial year ended December 31, 2023 (the “Financial Results”).
“We are excited to announce the exceptional financial performance, characterized by substantial growth in both revenue and profit. Our success underscores our steadfast commitment to excellence and the collective efforts of our dedicated team, as well as the strength of our business model and strategic initiatives on capital market consulting and technology business. As we look ahead, we remain focused on sustaining this momentum, delivering sustainable value to our shareholders, and making meaningful contributions to the communities we serve,” said Dato’ Victor Hoo, Group Executive Chairman and Chief Executive Officer of VCI Global.
FINANCIAL RESULTS
Revenue was $19.8 million for fiscal year 2023, representing an increase of 145% YoY from $8.1 million for fiscal year 2022. The increase in revenues was primarily attributable to higher demand across all of our business segments.
| For the Fiscal Year Ended December 31 | ||||||
| 2023 | 2022 | Change | ||||
| USD | USD | % | ||||
| Revenue from Business Strategy Consultancy | 14,654,120 | 4,016,231 | 264.9 | % | ||
| Revenue from Technology Development, Solutions and Consultancy | 4,472,559 | 3,976,195 | 12.5 | % | ||
| Interest Income | 413,354 | - | 100.0 | % | ||
| Others | 244,715 | 87,047 | 181.1 | % | ||
| Total Revenue | 19,784,748 | 8,079,473 | 144.9 | % | ||
Other Income for fiscal year 2023 was $164 thousand, representing a decrease of 58%, compared to $393 thousand in fiscal year 2022.
EBITDA of $7.3 million in fiscal year 2023, reflecting a 37% margin of revenue, with a substantial increase of 125%, compared to $3.2 million in fiscal year 2022. This surge was primarily driven by heightened operating income.
Net Income for the fiscal year 2023 amounted to $7.2 million, representing a margin of revenue of 37% and a notable increase of 57%, compared to $4.6 million in fiscal year 2022.
Cost of Services was $3.4 million for the financial year ended December 31, 2023, representing a 93% increase from $1.7 million for the financial year ended December 31, 2022.
| 2023 | 2022 | Change | ||||
| USD | USD | % | ||||
| Consultant Fee | 2,413,237 | 428,122 | 463.7 | % | ||
| IT Expenses | 239,426 | 1,300,252 | -81.6 | % | ||
| Subscription Fee | 30,720 | 3,208 | 857.5 | % | ||
| Referral Fee | 552,263 | - | 100.0 | % | ||
| Others | 116,503 | 7,404 | 1,473.4 | % | ||
| Total | 3,352,149 | 1,738,986 | 92.8 | % | ||
Depreciation expenses was $162 thousand in fiscal year 2023, representing an increase of 52%, compared to $106 thousand in fiscal year 2022. The increase was primarily due to additional asset acquired, including renovations for the newly leased offices and campus, as well as purchases of computer software and office equipment.
Directors’ fees increased by $1.2 million to $1.3 million for the financial year ended December 31, 2023, compared to $44 thousand for the financial year ended December 31, 2022. This increase was due to the increased in the number of Directors employed and their expanded responsibilities and duties toward the group after the successful IPO exercise on Nasdaq in April 2023.
Operating Income increased to $7.1 million in fiscal year 2023, reflecting a significant increase of 128% compared to $3.1 million in fiscal year 2022. This notable increase was primarily driven by the rise in revenue from Business Strategy Consultancy, resulting in a 265% increase due to the completion or near-completion of multiple IPO projects in fiscal year 2023. Furthermore, revenue from Technology Development, Solutions and Consultancy witnessed an increase of 13% attributed to the completion of two major projects, namely fintech solutions and e-commerce platform, alongside the addition of interest income derived from microfinancing activities.
As a result of the above, profit for the period was $7.2 million for the financial year ended December 31, 2023, compared to $4.6 million for the financial year ended December 31, 2022.
Basic and Diluted earnings per share was $0.21 for the financial year ended December 31, 2023, compared to $0.13 for the financial year ended December 31, 2022, reflecting an increase of $0.08, or 62%.
CASH POSITION AND CAPITAL ALLOCATION
Net cash generated from operating activities was $1.2 million in fiscal year 2023, a significant increase of $1.5 million, from -$0.3 million in fiscal year 2022, driven by a robust profit before tax of $7.1 million. This figure was adjusted for non-cash items and changes in operating assets and liabilities, mainly due to the increase in trade and other receivables of $0.1 million and increase in trade and other payables of $3.7 million.
Net cash used in investing activities was -$4.0 million as of December 31, 2023, significantly decreasing from $256 thousand as of December 31, 2022. This decrease was attributable to VCIG’s investment in GlobexUS Holdings Corp., YY Group Holding Limited, and Sagtec Global Limited. Additionally, VCIG acquired property and equipment totalled $0.4 million.
Net cash generated from financing activities amounted to $3 million in fiscal year 2023, representing an increase of $2.7 million from $247 thousand in fiscal year 2022. The increase is mainly due to the advance payments to related parties and dividend payment of $0.5 million and $104 thousand respectively, as well as repayment of operating lease of $82 thousand.
Cash and cash equivalents were recorded at $1.0 million as of December 31, 2023, representing a slight increase of 11 %, compared to the $0.9 million as of December 31, 2022. The amount includes cash on hand, general bank balances and cash in share trading accounts. Of the $1 million, $0.7 million is denominated in Ringgit Malaysia, while the rest is held in other currencies.
About VCI Global Limited
VCI Global is a diversified holding company. Through its subsidiaries, it focuses on consulting, fintech, AI, robotics, cybersecurity, and gamification. Based in Kuala Lumpur, Malaysia, our main operations are centered in Asia, with significant visibility across Asia Pacific, the United States, Europe, and the Middle East. VCIG primarily offers consulting services in capital markets, real estate, AI, and technology. In technology businesses, the company operates a proprietary financing platform that serves companies and individuals, as well as a secured messaging platform serving governments and organizations. We also invest, incubate, accelerate, and commercialize businesses and technologies in AI, robotics, and gamification.
For more information on the Company, please log on to https://v-capital.co/.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements that are subject to various risks and uncertainties. Such statements include statements regarding the Company’s ability to grow its business and other statements that are not historical facts, including statements which may be accompanied by the words “intends,” “may,” “will,” “plans,” “expects,” “anticipates,” “projects,” “predicts,” “estimates,” “aims,” “believes,” “hopes,” “potential” or similar words. Actual results could differ materially from those described in these forward-looking statements due to certain factors, including without limitation, the Company’s ability to achieve profitable operations, customer acceptance of new products, the effects of the spread of Coronavirus (COVID-19) and future measures taken by authorities in the countries wherein the Company has supply chain partners, the demand for the Company’s products and the Company’s customers’ economic condition, the impact of competitive products and pricing, successfully managing and, general economic conditions and other risk factors detailed in the Company’s filings with the United States Securities and Exchange Commission (SEC). The forward-looking statements contained in this press release are made as of the date of this press release, and the Company does not undertake any responsibility to update the forward-looking statements in this release, except in accordance with applicable law.
CONTACT INFORMATION:
For media queries, please contact:
VCI Global Limited
enquiries@v-capital.co
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