VCI Global H1 EPS $0.08 Down From $0.12 YoY; Revenue $13.7M, Up From $9.5M YoY; Announces $10M Share Repurchase Program Over 2 Years

Author: Benzinga Newsdesk | August 19, 2024 08:33am

VCI Global Limited (NASDAQ:VCIG) (Frankfurt: H0T) ("VCI Global," "VCIG," or the "Company"), a diversified holding company specializing in consulting, fintech, artificial intelligence (AI), robotics and cybersecurity, is proud to announce its unaudited financial results for the six months ended June 30, 2024 (the "Interim Results") (the "Financial Results").

Financial Highlights

• VCI Global achieved an impressive total revenue of $13.7 million for the six months ended June 30, 2024, marking a 44% YoY growth.
• Gross profit experienced a substantial YoY growth of 57%, reaching $12.9 million for the six months ended June 30, 2024.
• Net income surged to $5.4 million for the six months ended June 30, 2024, reflecting a remarkable growth of 25%.
• VCIG's business strategy consultancy revenue experienced a remarkable 151% YoY surge, reaching $11.2 million for the six months ended June 30, 2024.
• VCIG's fintech segment revenue experienced an impressive 183% YoY growth, reaching $0.7 million for the six months ended June 30, 2024.
  
   

Authorization of a Share Repurchase Program

VCIG's Board of Directors has authorized the implementation of a share repurchase program for up to US$10 million of the Company's outstanding ordinary shares over the next two years (the "Repurchase Program"). Under the Repurchase Program, VCIG may repurchase for cash, from time to time, its ordinary shares through open market purchases pursuant to a Rule 10b-18 plan, in compliance with applicable securities laws and other legal requirements.

The Company's proposed repurchases may be made from time to time on the open market at prevailing market prices, through negotiated transactions off the market, in block trades, or through other legally permissible means. The timing and extent of any repurchases will be influenced by market conditions, the trading price of its ordinary share, and other factors. These repurchases will also adhere to restrictions relating to volume, price, and timing under applicable law. VCI Global expects to implement this Repurchase Program in a manner consistent with market conditions and the interests of the Company's shareholders. VCIG's Board of Directors will review the Repurchase Program periodically and may authorize adjustments to its terms and size accordingly.

"Our outstanding performance for the six months ended 2024 is a testament to the exceptional efforts and dedication of our team. We have successfully advanced our strategic initiatives and strengthened our position in the market. Looking ahead, we remain committed to leveraging our expertise to drive continued growth and deliver unparalleled value to our clients. Our focus remains on innovation and excellence, and we are excited about the opportunities that lie ahead as we build on this momentum for future success," said Dato' Victor Hoo, Group Executive Chairman and Chief Executive Officer of VCI Global.

Posted In: VCIG