Business
VCI Global Announces 145% Revenue Growth for Fiscal Year 2023 Financial Results
KUALA LUMPUR, Malaysia, April 30, 2024 (GLOBE NEWSWIRE) -- VCI Global Limited (NASDAQ: VCIG) (“VCI Global”, “VCIG”, or the “Company”), a diversified holding
About this update from Vci Global Limited
[{"type":"text","content":"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”). VCI Global delivered a record high total revenue of $19.8 million for fiscal year 2023, representing a 145% YoY growth.Gross profit achieved significant growth of 159% YoY, reaching $16.4 million in fiscal year 2023.Net income reached $7.2 million in fiscal year 2023, achieved remarkable growth of 57%.VCI Global executed several major achievements that have led to a surge in revenue by expanding VCIG’s capital market consultancy and technology ventures.VCIG’s business strategy consultancy revenue surged by 265% yearly to $14.7 million in 2023, highlighting the potential of this industry.Additionally, VCIG demonstrates sustainable growth with a 13% revenue increase to $4.5 million in highly scalable technology development, solutions, and consultancy segment for fiscal year 2023, supported by a robust gross profit margin of 94%. “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. VCIG’s revenue generated from business strategy consultancy fee increased by 265% to $14.7 million for fiscal year 2023, compared to $4.0 million for fiscal year 2022. The increase was primarily a result of the IPO services provided to 4 clients from Malaysia and Singapore. Notably, YY Group Holding Limited wa...