Gross margins have experienced extreme volatility, collapsing from a peak of 82.0% in 2024Q2 to 24.6% by 2024Q4, indicating significant challenges in managing service delivery costs.
| Sales/Revenue | 124.39M | 90.8M | 35.57M | 47.48M | 3.5M |
| Revenue Growth % | 36.99% | 155.27% | -25.08% | 1256.73% | - |
| Cost of Goods Sold | 22.12M | 15.38M | 7.66M | 10.3M | 399.16K |
| COGS % of Revenue | 17.78% | 16.94% | 21.52% | 21.7% | 11.41% |
| Gross Profit | 102.27M | 75.41M | 27.91M | 37.17M | 3.1M |
| Gross Margin % | 82.22% | 83.06% | 78.48% | 78.3% | 88.59% |
| Gross Profit Growth % | 35.61% | 170.17% | -24.91% | 1099.17% | - |
| Operating Expenses | 65.68M | 42.14M | 15.02M | 9.4M | 19.43K |
| OpEx % of Revenue | 52.8% | 46.41% | 42.23% | 19.8% | 0.56% |
| Selling, General & Admin | 51.54M | 33.95M | 12.08M | 6.4M | 19.43K |
| SG&A % of Revenue | 41.43% | 37.39% | 33.97% | 13.49% | 0.56% |
| Research & Development | 1.82M | 0 | 0 | 0 | 0 |
| R&D % of Revenue | 1.47% | - | - | - | - |
| Other Operating Expenses | 12.32M | 8.19M | 2.94M | 2.99M | 0 |
| Operating Income | 36.59M | 33.27M | 12.89M | 27.78M | 3.08M |
| Operating Margin % | 29.42% | 36.64% | 36.25% | 58.5% | 88.04% |
| Operating Income Growth % | 9.97% | 158.06% | -53.58% | 801.61% | - |
| EBITDA | 38.58M | 34.02M | 13.36M | 27.83M | 3.08M |
| EBITDA Margin % | 31.02% | 37.46% | 37.56% | 58.62% | 88.04% |
| EBITDA Growth % | 13.43% | 154.59% | -51.99% | 803.4% | - |
| D&A (Non-Cash Add-back) | 1.99M | 742.95K | 467.62K | 55.23K | 0 |
| EBIT | 34.95M | 32.69M | 13.77M | 27.16M | 3.08M |
| Net Interest Income | -571.15K | -83.48K | -50.28K | -104.9K | -8.42K |
| Interest Income | 18.51K | 7.32K | 49 | 1.57K | 0 |
| Interest Expense | 589.66K | 90.8K | 50.33K | 106.47K | 8.42K |
| Other Income/Expense | -2.23M | -676.93K | 830.6K | -716.86K | 374.06K |
| Pretax Income | 34.36M | 32.6M | 13.72M | 27.06M | 3.45M |
| Pretax Margin % | 27.62% | 35.9% | 38.58% | 56.99% | 98.73% |
| Income Tax | 484.66K | -619.7K | -6.59M | 7.12M | 837.18K |
| Effective Tax Rate % | 1.41% | -1.9% | -48.03% | 26.32% | 24.23% |
| Net Income | 35.2M | 35.67M | 21.59M | 20.34M | 2.62M |
| Net Margin % | 28.3% | 39.28% | 60.68% | 42.84% | 74.8% |
| Net Income Growth % | -1.3% | 65.24% | 6.13% | 677.05% | - |
| Net Income (Continuing) | 33.87M | 33.22M | 20.31M | 19.94M | 2.62M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -5.61K | -4.09M | -1.64M | -371.26K | 0 |
| EPS (Diluted) | 244.71 | 27574.00 | 17090.00 | 16103.00 | 2090.60 |
| EPS Growth % | -99.11% | 61.35% | 6.13% | 670.26% | - |
| EPS (Basic) | 244.71 | 27574.00 | 17090.00 | 16258.00 | 2090.60 |
| Diluted Shares Outstanding | 143.85K | 1.29K | 1.26K | 1.26K | 1.25K |
| Basic Shares Outstanding | 143.85K | 1.29K | 1.26K | 1.25K | 1.25K |
| Dividend Payout Ratio | - | 1.34% | - | - | - |
High revenue volatility
As reported in recent financial filings, VCI Global's revenue trajectory exhibits significant volatility, with quarterly growth rates swinging from a 49.7% contraction in 2022Q4 to a 108% surge in 2023Q2, suggesting that the firm's reliance on project-based listing solutions creates an inherently lumpy and unpredictable top-line performance.
The wide variance in quarterly revenue suggests that the company's business model is highly sensitive to the timing of deal closures rather than steady-state recurring demand. Investors should monitor whether the recent expansion into technology consultancy can provide a more stable revenue floor to mitigate the cyclicality of its core capital markets advisory business.
According to the company's income statement data, gross margins have fluctuated dramatically, collapsing from a peak of 82.0% in 2024Q2 to 24.6% by 2024Q4, which indicates that the cost of service delivery is becoming increasingly difficult to manage as the firm scales its operations.
The sharp decline in gross profitability suggests that the company may be facing rising costs associated with specialized human capital or third-party execution fees. This margin erosion warrants further investigation into whether the firm is sacrificing pricing power to maintain deal flow in a competitive and increasingly scrutinized regulatory environment.
Based on reported figures, VCI Global's operating leverage appears highly unstable, as evidenced by the 2024Q4 period where SG&A expenses of $63.6M significantly outpaced gross profit, resulting in an operating loss of $8.1M despite the company's historical ability to maintain healthy operating margins in prior quarters.
The sudden spike in SG&A relative to gross profit suggests a potential lack of expense discipline or an aggressive, unproven investment in overhead. This shift implies that the company's operating structure may not be as scalable as previously assumed, requiring a closer look at the sustainability of its current administrative cost base.
As indicated by the income statement, the quality of net income is frequently impacted by non-operating items and significant stock-based compensation, which reached $5.7M in 2024Q4, potentially masking the underlying operational performance and creating a disconnect between reported net income and actual cash-generating capability.
The presence of substantial stock-based compensation alongside erratic net income figures suggests that investors should be cautious when evaluating the company's profitability metrics. The reliance on non-cash adjustments may indicate that the reported earnings do not fully reflect the economic reality of the firm's current operational efficiency.
While the company maintains a debt-free balance sheet, the recent 2024Q4 operating loss of $8.1M suggests that the core business model may be facing structural headwinds, potentially validating concerns that the firm's reliance on cross-border listing mandates is becoming increasingly unsustainable under current global regulatory scrutiny.
Short-term observers might argue that the company's pivot toward technology is a defensive reaction to the cooling of the IPO market for Southeast Asian SMEs. If the technology segment fails to generate high-margin, recurring revenue, the firm may struggle to justify its current valuation without a recovery in its primary capital markets advisory business.
Quick answers to the most common questions about buying VCIG stock.
For fiscal year 2024, VCI Global Limited (VCIG) reported total revenue of $124.4M. This represents a 3454.8% increase compared to $3.5M in 2020.
VCI Global Limited (VCIG) is profitable, generating $35.2M in net income for the fiscal year ending 2024 with a net profit margin of 28.3%.
VCI Global Limited (VCIG) reported an operating income of $36.6M, resulting in an operating profit margin of 29.4%. This margin reflects the operational efficiency of the business before interest and taxes.
VCI Global Limited (VCIG) generated $102.3M in gross profit for the year, representing a gross profit margin of 82.2%. This demonstrates the company's core pricing power and production efficiency.