VCI Global Reports Explosive Growth Across AI, Technology, and Fintech; Solidifies Position as Southeast Asia's IPO Powerhouse
Accelerating the Buildout of a High-Growth Cross-Sector Platform in Technology and Financial Services
KUALA LUMPUR, Malaysia, May 13, 2025 (GLOBE NEWSWIRE) -- VCI Global Limited $(VCIG)$ ("VCI Global" or the "Company"), a diversified global holding company with a strategic focus on AI & Robotics, Fintech, Cybersecurity, Renewable Energy, and Capital Market Consultancy, is proud to announce its audited financial results for the financial year ended December 31, 2024 (the "Financial Results").
-- VCI Global delivered record-high revenue of US$27.8 million for fiscal
year 2024, marking a 41% year-over-year (YoY) increase, driven by strong
performance across capital market consultancy, technology, and fintech
segments.
-- Gross profit rose 39% YoY to US$22.9 million, reflecting disciplined cost
management and effective expansion across multiple verticals.
-- Revenue from the technology development, solutions, and consultancy
segment surged by 155% YoY to US$11.4 million, supported by a healthy 79%
gross profit margin, highlighting strong scalability and sustainable
momentum.
-- The carve-out IPO of V Capital Consulting Group Limited ("VCCG"), VCI
Global's consulting arm, is underway, positioning it as an independent
pure-play capital markets advisory entity.
-- Strategic office expansion into Singapore and Hong Kong will scale VCI
Global's cybersecurity services and deepen its capital market presence in
Greater China.
Building on a record-setting year, VCI Global is accelerating the development of its cross-sector platform strategy, seamlessly integrating AI infrastructure, Cybersecurity-as-a-Service (CSaaS), fintech solutions, renewable energy assets, and capital market offerings. Key milestones for 2025 include the planned public listing of VCCG, the continued expansion of AI-as-a-Service (AIaaS) and CSaaS through V Gallant Sdn Bhd ("V Gallant"), the enhancement of fintech infrastructure capabilities, and the rollout of solar energy initiatives to support the broader digital economy.
"Our strong performance reflects bold, strategic execution across high-growth sectors where we see sustained demand. From establishing VCCG as a pure-play advisory powerhouse to scaling our AI and cybersecurity capabilities, every initiative is part of our mission to build future-ready infrastructure. With a robust deal pipeline and targeted geographic expansion, we remain firmly focused on creating long-term value for our shareholders," said Dato' Victor Hoo, Group Executive Chairman and Chief Executive Officer of VCI Global.
FINANCIAL RESULTS
Revenue was US$27.8 million for fiscal year 2024, representing an increase of 41% YoY from US$19.8 million for fiscal year 2023. The increase in revenue was primarily attributable to strong performance across all core verticals -- capital market consultancy, AI and technology, and fintech -- driven by deliberate investments in talent, infrastructure, and product development as part of VCI Global's aggressive expansion strategy.
-- VCI Global's revenue generated from the business strategy consultancy
segment fee increased by 1% to US$14.8 million for the fiscal year 2024,
compared to US$14.7 million for the fiscal year 2023. The company
continued to execute high-impact transactions, including the successful
Nasdaq listings of Founder Group Limited $(FGL)$ on October 23, 2024, and
YY Group Holding Limited (YYGH) on April 22, 2024. Several other clients
are currently in the advanced stages of the IPO process, underscoring VCI
Global's strong market positioning and growing credibility within the
U.S. capital markets. This robust pipeline reinforces the firm's ability
to deliver value and sustain long-term growth in this segment.
-- The Company's revenue generated from technology development, solutions
and consultancy increased significantly by 155% to US$11.4 million for
fiscal year 2024, compared to US$4.5 million for fiscal year 2023. This
remarkable growth was due to the expansion of the company's technological
capabilities and the launch of new projects, including generative AI
solutions and AI digital human technology.
-- Revenue generated from interest income increased significantly by US$801
thousand, from US$413 thousand in fiscal year 2023 to US$1.2 million in
fiscal year 2024, marking a 194% growth. This substantial increase was
primarily driven by the expansion of our customer loan base compared to
the prior financial year.
-- VCI Global's revenue generated from other services increased over 52% to
US$373.0 thousand for fiscal year 2024, compared to US$244.7 thousand for
fiscal 2023. Other services revenue consists of loan processing fees,
management fees and training fees. The increase was due to the higher
loan processing fees generated from microfinancing activities during the
fiscal year 2024.
For the Fiscal Year Ended December 31
-----------------------------------------
2024 2023 Change
--------------- -------------- --------
USD USD %
--------------- -------------- --------
Revenue from Business
Strategy Consultancy 14,824,502 14,654,120 1.2%
Revenue from Technology
Development, Solutions and
Consultancy 11,412,582 4,472,559 155.2%
Interest Income 1,214,842 413,354 193.9%
Others 372,965 244,715 52.4%
--------------- -------------- --------
Total Revenue 27,824,891 19,784,748 40.6%
--------------- -------------- --------
Other Income for fiscal year 2024 was US$241.6 thousand, representing a decrease of 47%, compared to US$163.9 thousand in fiscal year 2023
EBITDA of US$8.3 million in fiscal year 2024, reflecting a 30% margin of revenue, compared to US$7.3 million in fiscal year 2023.
Net Income for the fiscal year 2024 amounted to US$7.6 million, representing a significant increase of US$0.4 million from a net income of US$7.2 million for the fiscal year 2023.
Cost of Service was US$4.9 million for the financial year ended December 31, 2024, representing an increase of 48% from US$3.4 million for the financial year ended December 31, 2023.
-- Consultant fee costs decreased by 9% to US$2.2 million for the fiscal
year 2024, compared to US$2.4 million in fiscal year 2023. Overall,
consultant fees remained relatively consistent across both years, with
the slight decline primarily due to the timing of project milestones and
the completion of certain consultancy scopes in earlier phases. These
fees generally reflect the Company's engagement of third-party
professionals, including legal counsel, auditors, and financial
consultants, to support its client services. Such costs are bundled into
the comprehensive IPO advisory services provided to clients.
-- IT expenses increased by 906% to US$2.4 million for the financial year
ended December 31, 2024, compared to US$239.4 thousand for the financial
year ended December 31, 2023. This significant surge was primarily due to
the expansion of expertise in developing generative AI solutions and AI
digital human technology.
-- Subscription fee was US$10.9 thousand for the fiscal year ended December
31, 2024, compared to US$30.7 thousand for the fiscal year ended December
3, 2023, due to a lesser subscription to a service provider which
provides media monitoring, analytics and insight solutions.
-- Other cost of service decreased by US$335 thousand from US$669 thousand
in fiscal year 2023 to US$334 thousand in fiscal year 2024, major due to
the reduction of fees paid to subcontractors and accreditation fees,
subsequent to the disposal of certain subsidiaries on March 31, 2024.
2024 2023 Change
--------- --------- ------
USD USD %
--------- --------- ------
Consultant Fee 2,194,536 2,413,237 -9.1%
IT Expenses 2,408,554 239,426 906.0%
Subscription Fee 10,892 30,720 -64.5%
Referral Fee 181,139 552,263 -67.2%
Others 153,072 116,503 31.4%
--------- --------- ------
Total 4,948,193 3,352,149 47.6%
--------- --------- ------
Depreciation expenses were US$238 thousand in fiscal year 2024, representing an increase of 47%, compared to US$162 thousand in fiscal year 2023. The increase was primarily due to additional assets acquired, including renovations for the newly leased offices and campus, as well as purchases of computer software and office equipment.
Employee benefit expenses reported as US$6.8 million for the financial year ended December 31, 2024, compared to US$5.4 million for the financial year ended December 31, 2023. This increase was primarily driven by business expansion and the corresponding growth in headcount across multiple segments to support operational and strategic initiatives.
Operating income increased to US$7.7 million in fiscal year 2024, reflecting an increase of 8% compared to US$7.1 million in fiscal year 2023. This increase was primarily driven by the increase in revenue from Technology Development, Solutions, and Consultancy, resulting in a 155% increase due to the expansion of the Company's technological capabilities and the launch of new projects, including generative AI solutions and AI digital human technology.
As a result of the above, profit for the financial year ended December 31, 2024 was US$7.6 million, compared to US$7.2 million for the financial year ended December 31, 2023.
Basic and diluted earnings per share was US$54.74 for the financial year ended December 31, 2024, compared to US$200.28 for the financial year ended December 31, 2023, reflecting a decrease of US$145.54, or 72.7%
CASH POSITION AND CAPITAL ALLOCATION
Net cash generated from operating activities was US$22.3 million in fiscal year 2024, a significant increase of US$21.1 million from US$1.2 million in fiscal year 2023.
Net cash used in investing activities was US$48.6 million as of December 31, 2024, increase significantly from US$4.0 million as of December 21, 2023. In addition to the acquisition of intangible assets totalling US$2.3 million, the increase was primarily attributable to VCI Global's investments in Founder Group Limited, Reveillon Group Limited, and Marvis Inc.
Net cash generated from financing activities amounted to US$34.5 million in fiscal year 2024, representing an increase of US$31.5 million from US$3 million in fiscal year 2023. The increase is mainly due to proceeds from the issuance of shares totalling US$35.0 million.
Cash and cash equivalents were recorded at US$8.1 million as of December 31, 2024, representing a significant increase of 702%, compared to the US$1.0 million as of December 31, 2023. The balance includes cash in Ringgit Malaysia, United States Dollar and other currencies, primarily consisting of cash on hand, bank balances, and funds in share trading accounts.
About VCI Global Limited
VCI Global is a diversified global holding company with a strategic focus on AI & Robotics, Fintech, Cybersecurity, Renewable Energy, and Capital Market Consultancy. With a strong presence in Asia, Europe, and the United States, VCI Global is committed to driving technological innovation, sustainable growth, and financial excellence across multiple industries.
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. These forward-looking statements are based only on our current beliefs, expectations, and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks, and changes in circumstances that are difficult to predict and many of which are outside of our control. Therefore, you should not rely on any of these forward-looking statements. 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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Financial Tables
VCI Global Limited and Its Subsidiaries
Consolidated Statements of Financial Position
As of December 31, 2023 and 2024
December 31, December 31,
2024 2023
USD USD
------------ ------------
ASSETS
------------------------------------------------
Non-current assets
Financial assets measured at fair value through
other comprehensive income 28,547,482 8,360,497
Financial assets, at fair value through profit
and loss - 15,861
Property and equipment 573,084 696,865
Right-of-use assets 120,670 262,337
Intangible assets 7,288,633 1,024,316
Deferred initial public offering expense - -
Loan receivables 6,562,292 4,619,070
Deferred tax assets - 74,009
------------ ------------
Total non-current assets 43,092,161 15,052,955
------------ ------------
Current assets
Trade and other receivables 30,009,175 6,308,063
Loan receivables 10,283,529 3,350,889
Tax Recoverable 73,976 -
Cash and bank balances 8,100,899 1,010,455
------------ ------------
Total current assets 48,467,579 10,669,407
------------ ------------
Total assets 91,559,740 25,722,362
------------ ------------
LIABILITIES AND EQUITY
Current liabilities
Trade and other payables 4,415,133 4,223,722
Warrant liabilities 33,305 428,025
Lease liabilities 82,431 154,788
Bank and other borrowings 160,455 147,577
Amount due to related parties 487,111 -
Income tax payable - 54,739
------------ ------------
Total current liabilities 5,178,435 5,008,851
------------ ------------
Non-current liabilities
Lease liabilities 37,553 118,749
Bank and other borrowings 21,936 53,455
Amount due to related parties - 283,346
------------ ------------
Total non-current liabilities 59,489 455,550
------------ ------------
Total liabilities 5,237,924 5,464,401
------------ ------------
VCI Global Limited and Its Subsidiaries
Consolidated Statements of Financial Position
As of December 31, 2023 and 2024
December 31, December 31,
2024 2023
------------ --------------
USD USD
------------ --------------
Capital and reserves
Share capital 76,395,175 9,589,508
Capital reserve 1,461,292 1,423,433
Fair value reserve (480,596) 365,389
Translation reserves (981,534) 587,526
(Accumulated losses)/Retained earnings 9,928,734 9,183,823
----------- -----------
Attributable to equity owners of the Company 86,323,071 21,149,679
Non-controlling interests (1,255) (891,718)
----------- -----------
Total equity 86,321,816 20,257,961
----------- -----------
Total liabilities and equity 91,559,740 25,722,362
----------- -----------
VCI Global Limited and Its Subsidiaries
Consolidated Statements of Profit or Loss and Other Comprehensive Income/(Loss)
For The Years Ended December 31, 2023 and 2024
December 31, December 31,
2024 2023
------------ --------------
USD USD
------------ --------------
Revenue 27,824,891 19,519,687
Revenue - related party 0 265,061
----------- -----------
Total revenue 27,824,891 19,784,748
Other income 241,591 163,914
Cost of services (4,948,193) (3,352,149)
Depreciation (238,058) (161,887)
Amortisation of Intangible Assets (207,989) 0
Employee benefit expense (6,811,397) (5,397,483)
Provision for allowance for expected credit
losses on loan receivables (53,252) (164,943)
Provision for allowance for expected credit
losses on trade and other receivables (919,271) (59,317)
Rental expenses (100,530) (50,570)
Legal and professional fees (2,608,458) (1,386,774)
Finance cost (131,912) (20,175)
Other operating expenses (4,362,179) (2,252,878)
----------- -----------
Profit before income tax 7,685,243 7,102,486
Income tax expense 108,416 135,031
----------- -----------
Profit for the year 7,576,827 7,237,517
Other comprehensive income/(loss): Items
that will not be reclassified subsequently
to profit or loss:
Fair value adjustment on financial assets,
at fair value through other comprehensive
income (10,196,302) 518,288
Items that may be reclassified subsequently
to profit or loss:
Exchange differences on translating foreign
operation (1,584,687) 587,526
----------- -----------
Other comprehensive income/(loss) (11,780,989) 1,105,814
----------- -----------
Total comprehensive income/(loss) for the
year (4,204,162) 8,343,331
----------- -----------
VCI Global Limited and Its Subsidiaries
Consolidated Statements of Profit or Loss and Other Comprehensive Income/(Loss)
For The Years Ended December 31, 2023 and 2024
December 31, December 31,
2024 2023
------------ --------------
USD USD
------------ --------------
Profit attributable to:
Equity owners of the Company 7,874,203 7,771,593
Non-controlling interests (297,376) (534,076)
----------- -----------
Total 7,576,827 7,237,517
----------- -----------
Total comprehensive income/(loss)
attributable to:
Equity owners of the Company (3,906,786) 8,877,407
Non-controlling interests (297,376) (534,076)
----------- -----------
Total (4,204,162) 8,343,331
----------- -----------
VCI Global Limited and Its Subsidiaries
Consolidated Statements of Cash Flows
For The Years Ended December 31, 2023 and 2024
December 31, December 31,
2024 2023
------------ --------------
USD USD
------------ --------------
Operating activities
Profit before income tax 7,685,243 7,102,486
Adjustments for:
Provision for allowance for expected credit
losses - trade receivables 549,924 164,943
Provision for allowance for expected credit
losses - other receivables 369,347 -
Provision for allowance for expected credit
losses - loan receivables 53,252 59,317
Bad debt written off - -
Share-based compensation awards 1,890,495 970,024
Professional Fees 2,900,939 -
Intangible assets written off 4,251 -
Depreciation of property and equipment 89,414 69,315
Depreciation of right-of-use assets 148,644 92,571
Amortization of Intangible Assets 207,989 -
Loss on dissolve of subsidiaries 1,033 -
Loss on disposal of controlling interest in
subsidiaries 399,540 -
Change in fair value of warrant liabilities 33,977 -
Fair value loss on financial assets, at fair
value through profit or loss 14,407 -
Interest expense 131,912 19,787
Interest income (4,140) (1,596)
Operating cash flows before movements in
working capital 14,476,227 8,654,257
Trade and other receivables 11,989,387 (3,119,228)
Loan receivables (8,717,135) (8,029,277)
Trade and other payables 4,693,637 3,829,793
Contract liabilities - -
Deferred revenue - -
----------- -----------
Cash generated from/(used in) operations 22,442,116 1,335,545
Income tax (paid)/refund (162,609) (184,317)
----------- -----------
Net cash from/(used in) operating activities 22,279,507 1,151,228
----------- -----------
Investing activities
Acquisition of property and equipment (327,077) (433,922)
Proceeds from disposal of property and
equipment - -
Acquisition of intangible assets (2,290,423) (24,316)
Interest received 4,140 1,596
Acquisition of financial assets, at fair
value through other comprehensive income (47,710,805) (9,494,041)
Proceeds from disposal of financial assets,
at fair value through other comprehensive
income 1,678,000 5,975,424
Proceeds from disposal of financial assets,
at fair value through profit and loss 1,785 -
Purchase of financial assets, at fair value
through profit and loss - -
Acquisition of subsidiaries - -
----------- -----------
Net cash (used in)/from investing activities (48,644,380) (3,975,259)
----------- -----------
VCI Global Limited and Its Subsidiaries
Consolidated Statements of Cash Flows
For The Years Ended December 31, 2023 and 2024
For the Year Ended For the Year Ended
December 31, 2024 December 31, 2023
------------------ --------------------
USD USD
------------------ --------------------
Financing activities
Proceeds from issuance of shares 35,013,797 -
Repayment of other borrowings - (10,829)
Proceeds from bank borrowings - -
Repayment of bank borrowings (23,989) (26,273)
Interest paid (9,491) (19,787)
Proceeds from initial public
offering - 3,804,044
Payment for deferred initial
public expense - (99,535)
Repayment of leases liabilities (160,827) (81,867)
Advances made to related parties (290,882) (498,178)
Dividend paid - (103,809)
Contribution from
non-controlling interests - -
----------------- -----------------
Net cash (used in)/from
financing activities 34,528,608 2,963,766
----------------- -----------------
Net increase in cash and cash
equivalents 8,163,735 139,735
Foreign exchange effect (1,100,166)
Cash and bank balances at
beginning of year 1,037,330 870,720
----------------- -----------------
Cash and bank balances at end of
year 8,100,899 1,010,455
----------------- -----------------
NON-CASH FINANCING ACTIVITIES:
Constructive dividends paid - -
----------------- ------------
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