Company: VCIG
Filing Date: 2025-05-13
Form Type: 20-F
Source: 0001213900-25-042476
Chunk: 63

Company: VCI Global Ltd
Filing Date: 2025-05-13
Form: 20-F
Item: Item 4A
Chunk 63
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significantly by MYR35,376,723 (USD7,490,529), or approximately 150.04%, from MYR23,578,230 (USD5,355,647) in fiscal year 2022 to MYR58,954,953
(USD12,846,176) in fiscal year 2023. The increase was due to the following major reasons:

  (1)      For the fiscal year 2023, the employee benefits expenses were MYR18,851,224                                                                
           ($4,107,647), an increase of MYR8,455,972 ($1,746,431) compared with MYR10,395,252 ($2,361,216) in fiscal year 2022. Such an increase      
           was mainly attributable to the expansion of our business. Instead of relying on external resources, the Group recruited more professional  
           talents across different industries to support the Group’s growing businesses.                                                             
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  (2)      The consultant fees refer to the Company’s costs incurred from                                                                             
           assisting its clients, in engaging all the relevant professionals required during the listing process, including but not limited to legal  
           counsel, auditors, finance consultants, the US Capital markets consultant, which such consultant fee payment shall be included and be      
           treated as part of our consultation services to our clients during the IPO’s process. Consultant fees were MYR11,075,069 ($2,413,237)      
           in fiscal year 2023, an increase of MYR9,190,263 ($1,985,115) as compared to MYR1,884,806 ($428,122) in fiscal year 2022, primarily due    
           to more on-going IPO projects and the increase in their consultancy fees.                                                                  
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  (3)      IT expenses decreased by MYR4,625,560 ($1,060,827) from MYR5,724,360                                                                       
           ($1,300,253) in fiscal year 2022 to MYR1,098,800 ($239,426) in fiscal year 2023 because of the expansion of our in-house IT team in 2023.  
           Many of the IT projects have been developed in-house and deployed to our