VCI Global Gives Full Year Guidance After Seeing Revenues Increase Over 145% in 2023


VCI Global Gives Full Year Guidance After Seeing Revenues Increase Over 145% in 2023

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Nusantaranews, KUALA LUMPUR, Malaysia, June 03, 2024 (GLOBE NEWSWIRE) –– VCI Global Limited (NASDAQ: VCIG) (“VCI Global”, “VCIG”, or the “Company”), a diversified holding company focusing on consulting and technology, announces revenue guidance for the fiscal year of 2024.

“VCI Global delivered a strong financial year that exceeded expectations across key metrics. We gained market share with positive comparable sales demonstrating improved relevance with our business model. The milestone that we have executed so far this year has given us confidence to raise both sales and operating income guidance for the full year. We are on a journey to become a high-performing company in every phase of our business,” said Victor Hoo, Executive Chairman and Chief Executive Officer of VCI Global.

2023 Financial Highlights

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%.
Fiscal 2024 Outlook

As a result of its strong 2023-year-end results, VCIG is currently giving its outlook for fiscal 2024, reflecting higher net sales and meaningfully higher operating income growth compared to its prior expectations. This outlook takes into consideration the continued uncertain consumer and macro environment.

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