VCI Global reports 44% revenue growth and authorizes a $10 million share repurchase program.

From GlobeNewswire: 2024-08-19 08:26:00

VCI Global Limited (NASDAQ: VCIG) announced unaudited financial results for the six months ended June 30, 2024. Total revenue was $13.7 million, a 44% YoY growth, with $5.4 million in net income. VCIG’s business strategy consultancy revenue surged 151%, and fintech revenue grew 183%. The Board authorized a $10 million share repurchase program to enhance shareholder value.

Revenue for VCIG was $13.7 million for the first half of 2024, a 44% increase from the same period in 2023. Business strategy consultancy revenue jumped 151% to $11.2 million and gross profit margin was 93%. Fintech revenue rose 183% to $0.7 million. EBITDA reached $5.7 million, a 41% margin on revenue.

Operating income for VCIG was $5.6 million, a 26% increase from 2023, leading to a net income of $5.4 million, a 25% YoY growth. The Company’s cash position saw a net cash used in operating activities of $4.1 million, net cash used in investing activities of $4.6 million, and net cash generated from financing activities of $8.6 million for the first half of 2024.



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