VGI Reports 1Q 2024/25 Revenue of THB 1,204 million and Net Profit of THB 63 million
VGI Public Company Limited (“VGI”), the leader in Offline-to-Online (“O2O”) marketing solutions, reported strong Q1 2024/25 performance, with a revenue of THB 1,204 million, marking a 7.2% year-over-year (YoY) increase, and a net profit of THB 63 million. This growth was driven by the recovery in Advertising and Distribution business under Super Turtle Public Company Limited (“TURTLE”).
Mr. Nelson Leung, Chief Executive Officer of VGI, highlighted that the Advertising business reported revenue of THB 547 million, a 12.6% YoY increase, with media utilization rising to 47%. VGI has continued to innovate to support future campaigns. Moreover, VGI also expanded its advertising space, converted static media space to digital, and improved the surrounding of the ads space. In the Digital Services business, VGI reported revenue of THB 369 million, 0.7% YoY growth, mainly from RCash digital lending, offset by a decline in Lead Generation revenue under RCare. Rabbit Card saw continued growth from the “Xtreme Savings” campaign and collaborations with various organizations, resulting in 18.2 million active cards, a 10% YoY increase. Additionally, Rabbit Care launched EV car insurance and expanded its insurance sales channels, while Rabbit Cash issued loans totaling THB 802 million, a 211.9% YoY surge. In the Distribution business, VGI recorded THB 288 million in revenue, up 6.3% YoY, driven by the expansion of TURTLE stores to 23 branches. Fanslink has shifted its strategy to focus on own-branded products, resulting in lower sales but higher profit margin.
Looking ahead, with government economic stimulus measures to further boost growth in the advertising and entertainment sectors in this year, VGI is confident that FY2024/25 revenue can meet management’s budget. Moreover, the board has also approved an extraordinary general meeting on October 15, 2024, to approve key matters including a THB 13.2 billion capital increase to invest in Virtual Bank, Advertising, Digital Services, and Distribution businesses, as well as the issuance of warrants, the appointment of new directors, and the sale of shares of ROCTEC. VGI is confident that this capital increase will strengthen its financial position and support sustainable growth in the future, Mr. Leung added.
