VGI Surged 16.6% YoY in 2022/23, Recording THB 4,889mn in Total Revenue

VGI PLC or “VGI”, the leader of Offline-to-Online (“O2O”) Marketing Solutions across multiple platforms, announced yet another remarkable performance with a 16.6% surge YoY in 2022/23, recording THB 4,889mn in total revenue, thanks to the recovery of Advertising and robust growth of Digital Services. Meanwhile, the Company’s Logistics segment recorded THB 438mn in share of loss from investments in associates and joint ventures, leading to a net loss of THB 65mn. Despite this setback, VGI was still able to deliver a solid net profit of THB 373mn.

Recounting the performance, Nelson Leung, CEO of VGI, said: “Overall, VGI continued to benefit from the positive response of brands and marketers, especially to our Out-of-Home (“OOH”) media packages, which drove our Advertising revenue up by 22.6% YoY to THB 1,938mn. This was a result of our continuous strive to deliver highly effective campaigns through our diverse networks and extensive platforms, from Digital OOH or “DOOH” to train advertising, which have received great support from global high-end brands such as Versace, Chanel and Yves Saint Laurent, among others. At the same time, in an effort to expand our solutions for brands and advertisers, we have partnered with various entertainment companies to jointly develop new innovative contents and launched our Pilot Campaign Programmatic Digital OOH (“pDOOH”) for the first time on the BTS SkyTrain network. Our Digital Services segment also grew by 30.9% YoY to deliver THB 1,440mn in total revenue, driven primarily by our lead generation income growth and commissions from our insurance business, corresponding to the expansion of InsurTech and FinTech. Meanwhile, the Rabbit Group was able to generate higher income from sales and transaction fees as well as project management. Our Distribution business further contributed to our overall performance, bringing in a total revenue of THB 1,512mn. As for Retail, our subsidiary, NINE, has rebranded and changed its company name to Super Turtle Public Company Limited (“Super Turtle”), and continues to manage retail and commercial spaces on 31 BTS stations. Our other subsidiary, Fanslink Communication Co. Ltd, currently manages its own brands – PANDO and WANNA – offering products through both offline and online channels.”

“In 2023, the Thai economy is projected to grow by 3.6%, increasing from last year’s 2.6% growth, as a result of the rise in consumer confidence and spending and the growth of the tourism industry. Accordingly, we have set our revenue target for 2023/24 at THB 6,000 – 6,500mn, a 20 – 30% increase, with a net profit margin of more than 10%.”

“Finally, for FY 2022/23, our Board of Directors has approved total dividend payment at the rate of THB 0.08 per share, whereby interim dividend from the operating results of 1H 2022/23 at THB 0.04 per share was paid in March 2023. The Board has also approved the remaining payment of 0.04 per share for 2022/23. However, the payment is subject to approval of the shareholders’ meeting scheduled on 18 July 2023” Mr. Leung added.