VCI Global Reports Explosive Growth Across AI, Technology, and Fintech; Solidifies Position as Southeast Asia’s IPO Powerhouse

Rhea-AI Summary

VCI Global (NASDAQ: VCIG) reported strong financial results for FY2024, with revenue reaching US$27.8 million, up 41% YoY. The company's performance was driven by growth across multiple segments: Technology development revenue surged 155% to US$11.4 million, while business strategy consultancy revenue grew 1% to US$14.8 million. The company achieved a net income of US$7.6 million, up from US$7.2 million in FY2023. Cash position strengthened significantly with cash and equivalents at US$8.1 million, a 702% increase YoY. VCI Global is advancing its cross-sector platform strategy, integrating AI infrastructure, cybersecurity services, fintech solutions, and renewable energy assets. Key initiatives include the planned carve-out IPO of V Capital Consulting Group and expansion into Singapore and Hong Kong markets.

Positive

• Revenue increased 41% YoY to US$27.8 million
• Technology development segment revenue surged 155% YoY to US$11.4 million with 79% gross profit margin
• Net income grew to US$7.6 million from US$7.2 million YoY
• Cash position strengthened significantly with 702% increase to US$8.1 million
• Geographic expansion into Singapore and Hong Kong markets
• Successful execution of two Nasdaq listings: Founder Group Limited and YY Group Holding Limited

Negative

• EPS decreased 72.7% to US$54.74 from US$200.28 YoY
• IT expenses increased significantly by 906% to US$2.4 million
• Operating margin declined as operating income grew only 8% despite 41% revenue growth

Insights

Financial Analyst

VCI Global delivers 41% revenue growth to $27.8M with impressive 155% tech segment growth, showing successful diversification strategy.

VCI Global's financial performance demonstrates robust revenue growth of 41% year-over-year, reaching $27.8 million for fiscal 2024. What stands out is the exceptional performance in their technology segment, which surged 155% to $11.4 million, now representing a significant portion of their revenue mix. This indicates successful diversification beyond their traditional capital market consultancy business, which grew marginally at 1%.

The company maintained strong profitability with gross profit increasing 39% to $22.9 million, translating to an impressive gross margin of 82%. This high margin reflects the scalable nature of their business model, particularly in the technology vertical which boasts a 79% gross margin.

Balance sheet strength improved substantially with cash and cash equivalents jumping 702% to $8.1 million. The company's strategic investments are evident in their significantly increased investing activities of $48.6 million, primarily in acquisitions and technological capabilities.

Operating income of $7.7 million (up 8%) and net income of $7.6 million show modest growth compared to revenue, indicating higher operating costs as they scale. Employee benefit expenses increased to $6.8 million from $5.4 million, reflecting investments in talent to support their expansion.

The diluted EPS decreased 72.7% to $54.74, likely due to share dilution from the $35 million in proceeds from share issuances. This financing strategy has significantly strengthened their cash position, with operating cash flow surging to $22.3 million from $1.2 million.

VCI Global's diversification strategy across AI, fintech, cybersecurity, and renewable energy positions them well in high-growth sectors. The planned carve-out IPO of their consulting arm VCCG and geographic expansion into Singapore and Hong Kong demonstrate ambition to scale operations across Southeast Asia. Their involvement in successful Nasdaq listings builds credibility in capital markets, while investments in generative AI and digital human technology align with emerging tech trends with substantial growth potential.

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	-			-

FAQ

What was VCI Global's (VCIG) revenue growth in fiscal year 2024?

VCI Global reported revenue of US$27.8 million in FY2024, representing a 41% increase from US$19.8 million in FY2023.

How much did VCIG's technology development segment grow in 2024?

VCI Global's technology development segment revenue grew by 155% to US$11.4 million in FY2024, compared to US$4.5 million in FY2023.

What was VCI Global's net income for fiscal year 2024?

VCI Global achieved a net income of US$7.6 million in FY2024, an increase from US$7.2 million in FY2023.

How much cash does VCIG have as of December 31, 2024?

VCI Global reported cash and cash equivalents of US$8.1 million as of December 31, 2024, a 702% increase from US$1.0 million in 2023.

What are VCI Global's expansion plans for 2025?

VCI Global plans to expand into Singapore and Hong Kong markets, launch the carve-out IPO of V Capital Consulting Group, and enhance its AI-as-a-Service and Cybersecurity-as-a-Service offerings.