From offline to online media, you name it.
VGI PLC or VGI, the leader of Offline-to-Online (“O2O”) Marketing Solutions across multiple platforms, discloses its operating results for Q3 2023/24, reporting a total revenue of THB 1,331mn from services and sales, a 3.1% decline YoY, primarily due to income loss from Fanslink. Nonetheless, the Company’s transit media and digital services, as well as retail business under TURTLE, continued to flourish and remained robust compared to the same period in the previous year.
Commenting on the results, Nelson Leung, CEO of VGI, said, “In Q3 2023/24, our Advertising segment still garnered positive responses from brands, generating revenue of THB 610mn, a marginal decrease of 1.4% YoY. Meanwhile, we have continued to expand our BTS Street View media network in strategic locations. On the other hand, our Digital Services segment grew by 13.5% YoY, generating a total revenue of THB 426mn. This growth was driven by increased revenue from our digital lending business under RCash, as well as increased online media revenue. As for the Rabbit Group, the current tally of Rabbit Cards issued has reached 17.4mn. Additionally, we have recently launched the “Ride anywhere for 25 baht throughout the line” campaign for both adults and students on the Yellow Line, and we anticipate a rise in Rabbit Card numbers due to this promotion. However, our Distribution segment saw its revenue drop by 22.3% YoY to THB 295mn. This was mainly owed to Fanslink’s strategic shift to focus on selling high-margin products from its own brands such as Pando, EZ Home and WANAA. Nevertheless, this decline was offset by the revenue increase from our retail business under TURTLE, which currently has 20 Turtle shops on the BTS stations. Recognising TURTLE’s growth potential, we have increased our stake in TURTLE to 73.3%. We believe that this investment will not only propel our income growth but also contribute to enhancing our overall performance in the future.”
“Finally, given the aforementioned situation that has negatively impacted our overall operating results and retained profits, we have made the decision to suspend the payment of interim dividends. However, VGI is cognizant of the adverse circumstances and has implemented strategic actions to improve our performance. Now, we believe that the most challenging period has passed, allowing us to anticipate our profit trends to take a more favourable turn. Most importantly, our cash position remains robust, which we are confident will support our recovery in the near future,” the CEO added.
VGI PLC, the leader of Offline-to-Online (“O2O”) Solutions across multiple platforms, with a mission to create sustainable business for all stakeholders, the society and the environment, was ranked in the Top 1% of Sustainability Scorers by S&P Global, achieving the highest score within the Media, Movies & Entertainment industry for the 2nd year straight.
Commenting on this achievement, Nelson Leung, CEO of VGI, said, “We are very honoured to be recognised with a ‘Member’ status within the Media, Movies & Entertainment Industry in the Sustainability Yearbook 2024 of S&P Global, the world’s leading sustainability rating agency. Joining the index for the third year in a row, VGI is the first and only company in the Media, Movies & Entertainment industry in Thailand to be bestowed with this prestigious membership status. Moreover, we were able to achieve an outstanding score of 82 out of 100, maintaining our position in the Top 1% of sustainability scorers, and ranking first in the world for the second year straight.”
“This recognition and achievement reflect VGI’s steadfast commitment to environmental issues, the well-being of people in society and good governance through our sustainability efforts. These efforts align with the ESG (Environment, Social and Governance) principles and the United Nations’ Sustainable Development Goals (SDGs),” the CEO added.
S&P Global is the world’s renowned provider of credit ratings. Among its key services is the sustainability rating of top enterprises globally, aimed at bolstering creditworthiness of corporations across economic, social and environmental dimensions, thereby ensuring sustainable returns for investors and fostering long-term values for stakeholders.
In 2023, over 200 companies in the Media, Movies & Entertainment industry participated in the Corporate Sustainability Assessment, but only five successfully passed the assessment and were featured in the Sustainability Yearbook 2024.
Mr. Keeree Kanjanapas, Chairman of BTS Group Holdings Public Company Limited and H.E. Mr. Han Zhiqiang, the Ambassador of the People’s Republic of China to Thailand, Ms.Sudawan Wangsuphakitkosol Minister of Tourism and Sports Mr. Sermsak Pongpanich , Minister of Culture, jointly opened the “Happy Chinese New Year @ BTS SkyTrain” ceremony With Mr.Kriengsak Tantipiphop, CEO of EM District, welcomed the esteemed guests. This event is a collaboration between the Embassy of the People’s Republic of China in Thailand and BTS Group since 2023, which aims to promote “Happy Chinese New Year” Celebrations in Thailand and celebrate China-Thailand cultural ties. In 2024, it will promote the celebration poster of the Year of Dragon and a video of “Nihao! China” tourism global branding on VGI media platform to create a travel atmosphere during the celebration of the Year of the Dragon and also helps stimulate domestic tourism.
VGI PLC or VGI, the leader of Offline-to-Online (“O2O”) Solutions across multiple platforms, led by Mr. Marut Arthakaivalvatee, Vice Chairman of the Board of Directors of VGI, was honored with the prestigious Thailand’s Top Corporate Brand Hall of Fame 2023 Award for achieving the highest corporate brand value in the media category for five consecutive years. The award was presented at the ASEAN and Thailand’s Top Corporate Brands 2023 event, a collaboration between the Master’s in Marketing and Branding Programme (MBM) under the Faculty of Commerce and Accountancy at Chulalongkorn Business School, the Stock Exchange of Thailand, and the Manager Media Group. This esteemed event marks the 14th year of publication of the research on corporate brand valuation, led by Prof. Dr. Bundhit Eua-arporn, President of Chulalongkorn University, who did the honor of presenting the award.
Commenting on this achievement, Mr. Marut Arthakaivalvatee, Vice Chairman of VGI’s Board of Directors, said, “We are immensely proud and honored to receive the Thailand’s Top Corporate Brand Hall of Fame Award, securing our top position in brand value for the fifth time in a row. This acknowledgement underscores VGI’s success as a leader in future solutions and our commitment to continuously improve our strategy and capacity to overcome challenges and consistently deliver robust results. Moreover, the accolade attests to our commitment to sustainable business practices, prioritising all stakeholders, the society and environment, thereby playing a part in contributing toward driving a sustainable society for the country.”
The assessment of corporate brand value was conducted through the CBS Valuation (Corporate Brand Success Valuation) tool, developed by Prof. Dr. Guntalee Ruenrom and Dr. Ake Pattaratanakun of Chulalongkorn University. This tool plays an instrumental role in measuring the value and ranking of corporate brands in ASEAN and Thailand. It aims to enhance the systematic evaluation of corporate brand value in monetary terms while emphasising the importance of developing a corporate brand for sustainability. Ultimately, the tool endeavours to foster confidence among stakeholders and contribute to the potential growth of organisations, leading to future positive impact on the country’s economic system.
VGI PLC, a leader in Offline-to-Online (“O2O”) Solutions across multiple platforms, recently hosted VGI Media Effectiveness 2024. The event unveiled the Meta + Mitri Marketing Strategy, grounded in Marketing 6.0 principles for the era of Immersive Marketing, and insights from the BTSumers’ survey on the 5A (Aware, Appeal, Ask, Act, and Advocate) Strategy. The following are key highlights from the six speakers at the event:
“At the heart of effective advertising are Platform, Audience, and Creativity, which are reflected through key messages,” remarked Ms. Kredrada Benjaarthornsirikul, Business Development Director of VGI.
Mr. Krittin Kulsri, Head of Strategic Product at VGI, highlighted how the return-to-office trend among office workers contributes to increased spending with POV+.
Ms. Namaporn Sontisaard, Head of Data Strategic Planning at VGI, presented the topic of Data Effectiveness for Thai Consumers and Chinese Tourists
Mr. Yotin Thavikulwat, Chief Operating Officer of Super Turtle, a subsidiary within VGI’s Distribution segment, shared the business roadmap for expanding the Turtle Shop Lifestyle Store. The plan involves extending coverage to over 115 BTS stations, including 60 on the Green Line, 23 on the Yellow Line, and 32 on the Pink Line.
Meanwhile, Ms. Ratchanee Saensinchai, Chief Executive Officer of Rabbit Cash Co., Ltd., delved into the details of Rabbit Cash – a new venture under the VGI Group specialising in the Digital Lending sector. This innovative initiative utilises Alternative Data to establish Credit Scores, aiming to address the challenges associated with informal debt.
Finally, Ms. Kanita Tungwarapojwitan, Executive Consultant at Intage Thailand, presented the Meta + Mitri Marketing Strategy and the results of the BTSumer’s 5A survey, encompassing Aware (creating awareness), Appeal (attracting attention), Ask (delving deep in search of answers to help consumers decide), Act (accepting and making a purchase), and Advocate (creating brand appreciation and word of mouth). Her presentation shed light on the following:
As the leading Offline-to-Online (“O2O”) solutions provider across multiple platforms, VGI PLC, or VGI, remains steadfast in its commitment to conducting sustainable businesses that benefit all stakeholders, society, and the environment. Recognising the importance of ensuring equal access to educational and technological opportunities for children and youth nationwide, VGI Volunteers, led by Ms. Sunanya Srinoikhao, Director of Human Resources at VGI PLC, support the development of a computer laboratory at Rajaprajanugroh School 14 in Mueang District, Nong Khai Province, providing 50 computer sets and chairs, along with 16 wall fans, and deploying a dedicated team to assist in developing the school’s network system.
This initiative underscores VGI’s commitment to playing a significant role in promoting equality and enhancing the quality of life for youth throughout the nation by extending support to schools lacking essential teaching equipment. VGI is dedicated to building organisational capacity while creating meaningful opportunities for a sustainable society.
VGI PLC (“VGI”), the leader of Offline-to-Online (“O2O”) Marketing Solutions across multiple platforms, has, once again, been certified as a member of the Thai Private Sector Anti-Corruption Coalition or CAC for the third consecutive time. The certification was presented by Mr. Vichai Assarasakorn, Committee Member of the Thai Private Sector Collective Action Against Corruption, to Mrs. Chitkasem Moo–Ming, Chief Financial Officer of VGI, at the CAC National Conference 2023. The event was organised under the theme “Public-Private Collaboration: A Strong Collective Action Against Corruption.” The continuous recognition underscores VGI’s commitment to conducting ethical, transparent, and fair operations, in adherence to verifiable practices. This is supported by the establishment of clear guidelines for task execution to prevent corruption, paving the way for the Company’s continued journey toward sustainable growth.
In addition to our solid operational performance, on 6 November 2023, VGI was honored with an “AA” sustainable stock rating under the “SET ESG Rating” in the Services group for the year 2023, marking our inclusion in the list for the third consecutive year. This recognition underscores our commitment to conducting business sustainably and the paramount value we place on all stakeholders as well as our ongoing dedication to actively contribute to the advancement of society toward sustainability in tandem with our business operations.
