VGI Marches on a Solid Trajectory, Recording THB 1,225mn in Total Revenue with Net Profit of THB 68mn in 2Q 2022/23
VGI PLC, the leader in Offline-to-Online (“O2O”) Marketing Solutions across Advertising, Payment and Distribution platforms, maintained a robust streak with solid growth trajectory in 2Q 2022/23, recording 32.7% growth YoY with THB 1,225mn in total revenue and THB 68mn net profit, an extraordinary growth of 821.5% YoY, thanks to the continuous recovery of the Thai economy.
Nelson Leung, CEO of VGI, summed up the achievement, “In this quarter, VGI managed to maintain a strong profit margin driven by the robust performance of all our business segments defying all challenges, coupled with the recovery of the tourism industry and consumer spending, as witnessed from the growing number of BTS ridership and the continuous provision of our Street Furniture media, which helped spur the growth of our Out-of-Home (“OOH”) segment by 48.4% YoY to THB 436mn in total revenue. Responding to the economic recovery, we organized the “V Experience” event offering marketing solutions through our robust ecosystem to help brands execute more effective advertising campaigns, for instance through our latest “O2O Office Media Focused” package. As for our Payment segment, the number of Rabbit Cards issued grew by 8.0% YoY to reach 15.6mn, while Rabbit LINE Pay users reached 10.0mn, an increase of 12.8% YoY, thanks to the expansion of service points among our partner merchants. Meanwhile, Rabbit Cash has successfully expanded its lending service to employees of the BTS group companies. Finally, our Distribution segment also made great strides, recording THB 408mn in total revenue, a 14.1% increase YoY. This is a result of revenue earned through Fanslink and the consolidation of NINE as well as our continuous strive to drive the sales of products and services to meet consumer demands along the BTS lines.”
“As for the second half of 2022/23, while challenges resulting from numerous factors remained, we are confident our performance will continue to improve with the growth of our businesses as well as the overall positive economic outlook of the country that has already begun to return to normalcy. Moreover, with the high seasonality period for OOH media in the second half of the year, along with the high potential gains from our Payment segment under the Rabbit Group, which is set to benefit from the growth of BTS ridership, and the growth of our lending and insurance services, we are certain to deliver solid results, while also upholding our commitment to the Environmental, Social and Governance (ESG) principles. Our recent inclusion into the Thailand Sustainability Investment (THSI) Index for the second year running and our Investor Relations Award for the fourth consecutive year from the SET Awards 2022 are clear testaments to our ability to build the trust and confidence of investors and stakeholders from all sectors,” Mr. Leung added.
