Company: VCIG
Filing Date: 2025-05-13
Form Type: 20-F
Source: 0001213900-25-042476
Chunk: 67

Company: VCI Global Ltd
Filing Date: 2025-05-13
Form: 20-F
Item: Item 4A
Chunk 67
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 than MYR50 million) is 17% for the first MYR600,000 (or approximately USD150,000) taxable income for
the fiscal years ended December 31, 2023 and 2022, with the remaining balance being taxed at the 24% rate.

Net Income

As a result of the foregoing, we reported net
income of MYR33,215,140 (USD7,337,517) for the fiscal year ended December 31, 2023, representing a significant increase of MYR12,900,164
(USD2,723,099) from a net income of MYR20,314,976 (USD4,614,418) for the fiscal year ended December 31, 2022.

Operating segment

                                                         Net Profit                                            
                                                         2022                            2023                  
                                                         MYR                             MYR                   
  Business Strategy Consultancy                                           4,695,816                21,908,118  
  Technology Development, Solutions and Consultancy                       8,450,724                 9,918,688  
  Interest income                                                                 -                 1,036,516  
  Others                                                                    744,482                   335,203  
  Total                                                                  13,891,022                33,198,525  

  (iv)      Business strategy consultancy  

Net profit from business strategy consultancy
increased by MYR17,212,302 (USD3,707,114) or 97% from MYR4,695,816 (USD1,066,625) in 2022 to MYR21,908,118 (USD4,773,739) in 2023 due
to the following reasons:

  The revenue increased significantly by MYR49,570,696 (USD10,637,889), or                                                                      
  approximately 280.35% in year 2023 compared to 2022 due to the completion or near completion of multiple IPO projects by the end of December  
  31, 2023.                                                                                                                                     
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  The cost of services increased by MYR7,852,965 (USD1,656,080), or approximately                             

  Gross profit margin increased by 13% from 66% in 2022 to 79% in 2023.  
 ─────────────────────────────────────────────────────────────────────────

  The operating expenses were