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 (NASDAQ: 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, 2024 | December 31, 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, 2024 | December 31, 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, 2024 | December 31, 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, 2024 | December 31, 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, 2024 | December 31, 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 December 31, 2024 | For the Year Ended 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 | – | – | |||
