VGI Surged in 3Q 2022/23, Recording THB 1,377mn in Total Revenue, Pushing Net Profit to THB 102mn

VGI PLC (“VGI”), the leader of Offline-to-Online (“O2O”) Marketing Solutions across multiple platforms announced a soaring performance in 3Q 2022/23, recording THB 1,377mn in total revenue from services and sales and net profit of THB 102mn, a 12.4% growth QoQ and 51.4% growth YoY, respectively. This was a result of economic recovery and continued resumption of the tourism industry, along with steady growth of the BTS ridership; in turn, boosting the advertising spend of prominent domestic and international brands and advertisers, leading to positive outcomes for the Company overall.

Sharing his remarks on this achievement, Nelson Leung, CEO of VGI, said: “Our robust performance in this quarter clearly attests to the effectiveness of VGI’s O2O solutions through our Digital Out-of-Home (“OOH”) platform, which continued to deliver impressive results, driving our OOH advertising revenue up by 41.8% YoY to THB 618mn. Moreover, our OOH occupancy rate increased to 58%, higher than our prior guidance rate of 50–55%, thanks to the significant rise of the BTS ridership and the quarter’s high seasonality effect. Our Digital Services revenue also grew by 21.5% YoY to THB 379mn, driven by the growth of our lead generation revenue and commissions from Rabbit Care Company Limited (“RCare”). Meanwhile, the Rabbit Group’s performance also benefited from the growth of BTS users, which helped generate higher revenue from Rabbit Card sales and transaction fees. Currently, the total number of Rabbit Cards issued is at 16.0mn, an increase of 8.1% YoY, while Rabbit LINE Pay now has more than 10.2mn users, a 9.9% jump YoY. However, the results from our Distribution business were not as rosy, as we saw our revenue drop by 44.3% YoY to THB 380mn. This was due to lower-than-expected sales from Fanslink which has changed its product mix to higher margin products. Nonetheless, in the past quarter, we were able to generate additional income from the dividend from Plan B Media Public Company Limited.”

“In addition to our strong operational performance and growth, 3Q 2022/23 brought along many proud achievements for VGI as we were awarded with several accolades from prestigious local and international institutions, including Thailand’s Top Corporate Brand Award, Most Innovative (O2O) Marketing Campaigns & Solutions Award, Model Sustainability Organisation in the Thai Capital Market for Supporting the Disabled Award, and Most Creative Media Award for our ‘Whoscall The Safety Station’ campaign, as well as being listed in the Sustainability Yearbook 2023. Such recognitions are testaments to our success as a leading innovation-driven Company with a highly effective and comprehensive ecosystem that has gained the trust and confidence of stakeholders throughout the years.”

“Finally, our Board of Directors has approved the payment of interim dividend from the operating results of the first half of 2022/23 at THB 0.04 per share, totaling THB 447.8mn, to be paid on 14 March 2023 to shareholders as of the Record Date of 1 March 2023,” added Mr. Leung.