VCI Global CEO Increases Shareholding by 15.27%, Expresses Strong Confidence in Company’s Growth
Rhea-AI Summary
VCI Global (NASDAQ: VCIG) announced that CEO Dato' Victor Hoo has significantly increased his shareholding by 15.27%, now controlling approximately 27.32% of the company's total outstanding shares. This move, along with the recent share buyback program and strong H1 2024 financial performance, underscores VCIG's growth trajectory and positive outlook.
The company reported impressive H1 2024 results, including a 44% year-over-year increase in revenue, 57% rise in gross profit, and 25% growth in net income. These results align with VCIG's full-year guidance of a 65% increase in revenue and 68% rise in gross profit for FY2024, with potential to exceed these targets if current trends continue.
Positive
- CEO increased shareholding by 15.27%, demonstrating strong confidence in the company
- 44% year-over-year increase in revenue for H1 2024
- 57% rise in gross profit for H1 2024
- 25% growth in net income for H1 2024
- Full-year guidance projects 65% increase in revenue and 68% rise in gross profit for FY2024
- Potential to exceed full-year guidance if current trends continue
Negative
- None.
News Market Reaction
On the day this news was published, VCIG declined 20.06%, reflecting a significant negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
KUALA LUMPUR, Malaysia, Aug. 27, 2024 (GLOBE NEWSWIRE) -- VCI Global Limited (NASDAQ: VCIG) (Frankfurt: H0T) (“VCI Global,” “VCIG,” or the “Company”) is pleased to announce that its Chief Executive Officer, Dato’ Victor Hoo, has significantly increased his shareholding in the Company. This move, along with the recent share buyback program announced on August 19, 2024, and the Company’s strong financial performance for the first half of 2024, highlights VCIG’s impressive growth trajectory and positive outlook.
Prior to the transaction, Dato’ Victor Hoo beneficially owned and controlled
The CEO’s investment, combined with the impressive financial results for the first half of 2024, reflects VCIG’s strong growth prospects and commitment to long-term success. The Company reported notable financial metrics, including a
“I am deeply committed to VCI Global and its vision for long-term growth. My increased investment is a clear endorsement of the Company’s direction and performance. Alongside our strong financial results and share buyback program, it reinforces my confidence in our continued success and our ability to deliver lasting value to shareholders,” said Dato’ Victor Hoo, Group Executive Chairman and Chief Executive Officer of VCI Global.
About VCI Global Limited
VCI Global is a diversified holding company. Through its subsidiaries, it focuses on consulting, fintech, AI, robotics, and cybersecurity. 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 and robotics.
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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