VCI Global Limited

For the first half of 2025, VCI Global reported revenue of USD 18.7 million, up 37% year over year. Gross profit increased 17% to USD 15.1 million, with gross margin maintained at 80%. EBITDA was USD 5.2 million, and net profit after tax was USD 4.66 million, with net margin of 35%. Technology revenue reached USD 9.3 million versus USD 1.7 million a year ago, while consultancy contributed USD 8.1 million. Interest income rose to USD 1.3 million from USD 0.7 million, other services were USD 43,000 versus USD 140,000, and other income increased to USD 0.6 million from USD 0.1 million. Management did not provide explicit next-quarter or full-year numeric guidance, but said the second half pipeline looks steady, GPU Lounge and GPU cloud are expected to launch in the coming months, and a small group of initial GPU clients is expected to be onboarded. The company also said VCIG's planned IPO is targeted for the first quarter of 2026.

Victor Hoo framed the first half as a pivotal period in which VCI Global is building a portfolio of vertically focused businesses across cybersecurity, AI, fintech technology development, and AI infrastructure. He stressed that technology is now driving most growth and described the business as evolving into a more balanced model with consultancy as a stable foundation. His tone was constructive and execution-focused, with repeated emphasis on disciplined, phased investment and turning strategic initiatives into commercial traction.

Zhi Feng Ang highlighted the financial profile as scalable and margin-accretive, pointing to USD 18.7 million in revenue, USD 15.1 million in gross profit, and an 80% gross margin. He cited EBITDA of USD 5.2 million and net profit after tax of USD 4.66 million, with net margin at 35%, and said the results were supported by disciplined cost structure and operating leverage. He also noted interest income of USD 1.3 million as a high-quality earnings stream, plus higher other income at USD 0.6 million, and said the company will continue focusing on execution and financial rigor.

In questions, analysts focused on how capital will be allocated across AI, cybersecurity, fintech, and data analytics, and management said AI infrastructure is the top priority, with commercial traction and revenue visibility targeted within 12 to 24 months. Management also addressed the revenue mix shift, saying consultancy's moderation partly reflects normalization after a strong 2024, but that technology is also structurally becoming a larger part of the business. On execution risks, management flagged delivery capacity, timing of consultancy deal closures, capital-deployment discipline, and regulatory developments in AI and digital assets.