Company: VCIG
Filing Date: 2025-05-13
Form Type: 20-F
Source: 0001213900-25-042476
Chunk: 57

Company: VCI Global Ltd
Filing Date: 2025-05-13
Form: 20-F
Item: Item 4A
Chunk 57
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 being taxed at the 24% rate.

Net Income

As a result of the foregoing, we reported net income of MYR33,871,448
(USD7,576,827) for the fiscal year ended December 31, 2024, representing an increase of MYR656,308 (USD339,310) from a net income of MYR33,215,140
(USD7,237,517) for the fiscal year ended December 31, 2023.

Operating segment

                                                         Net Profit                                            
                                                         2023                            2024                  
                                                         MYR                             MYR                   
  Business Strategy Consultancy                                          21,908,118                20,357,302  
  Technology Development, Solutions and Consultancy                       9,918,688                11,598,867  
  Interest income                                                         1,036,516                 2,472,194  
  Others                                                                    335,203                    74,688  
  Total                                                                  33,198,525                34,503,051  

  (i)      Business strategy consultancy  

Net profit from business strategy consultancy
decreased by MYR1,550,816 (USD219,940) or 7.08% from MYR21,908,118 (USD4,773,739) in 2023 to MYR20,357,302 (USD4,553,799) in 2024 due
to the following reasons:

  Revenue from business strategy consultancy services amounted to MYR66,271,454                                                            

  Consultant fees were MYR9,810,454 (USD2,194,536) in fiscal year 2024,                                                                      
  an decrease of MYR3,998,535 (USD814,417) as compared to MYR13,808,989 (USD3,008,953) in fiscal year 2023. The decrease in consultant fees  
  is due to the completion of substantial works from the consultants of some of the on-going IPO projects in fiscal year 2023, leaving only  
  a few remaining tasks to be completed in fiscal year 2024.                                                                                 
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  Gross                                                           
  profit margin increased by 6% from 79% in 2023 to 85% in 2024.  
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  The operating expenses were increased