VGI Public Company Limited (SET: VGI), a leader in Offline-to-Online (O2”) marketing solutions provider through various platforms, has announced its financial results for Q3 of the fiscal year 2024/25 (ended December 31, 2024). The Company reported total revenue of THB 1,446 million, an 8.6% year-on-year (YoY) growth driven by the expansion of Advertising and Digital Services business. Meanwhile, net profit reached THB 308 million, marking a substantial 109.2% YoY increase and 294.3% quarter-on-quarter (QoQ) growth, with a net profit margin of 21.3%. This reflected the Company’s potential cost management and ability to generate added value from its business platform.
Mr. Nelson Leung, Chief Executive Officer of VGI, stated that the Company’s growth this quarter reflects the strategic focus on enhancing brand value through a powerful advertising media network and an integrated digital platform. The Advertising business revenue totaled THB 709 million, up 16.2% YoY, with the media utilization rate rising to 61.1%, up from 56.8% in the same period last year. VGI also continues to expand its consumer engagement through innovative strategies, such as the SkyTrain Music Fest, Thailand’s first-ever BTS concert experience, which gained favorable a response on social media and made VGI’s advertising stand out and interesting to the brand. Additionally, the Super BKK and Super BTS advertising packages remain highly popular due to their strength in combining various type of advertising media to reach target group covering more than 80% of Bangkok’s population and being high-frequency media on the Skytrain that emphasizes on building brand recognition.
The Digital Services business generated revenue of THB 444 million, growing 4.2% YoY, supported by Rabbit Cash, which saw increased interest income in line with the expansion of digital lending. Rabbit Care also reported higher commission income from insurance sales. Meanwhile, Rabbit Card currently has 19.3 million activated cards, an increase of 11.1% YoY, and the Company has launched a special Rabbit card collection “Maha Mongkol” to further drive adoption. The Distribution business recorded revenue of THB 293 million, a slight 0.8% YoY decline, due to a drop in Fanslink’s revenue resulting from product mix adjustments that focused on higher-margin, own-brand products. However, revenue from TURTLE improved following the expansion of its store network to 26 locations, reinforcing positive momentum in the TURTLE’s retail operations.
During the quarter, VGI successfully raised THB 13,208 million through a Private Placement to four investors, resulting in a paid-up registered capital of THB 2,000 million. In addition, the Company issued VGI-W4 warrants to existing shareholders at a rate of 10 existing shares per 1 warrant. Warrant holders may exercise their rights to purchase additional common shares on September 3, 2025.
Furthermore, VGI will enter into an Advertising Media Management Agreement with a company for approximately five years and VGI will pay compensation at a rate mutually specified in the Agreement. The entry into the Agreement is subject to approval by the shareholders’ meeting of the counterparty. VGI will also invest in newly issued shares for capital increase in a company via private placement, not exceeding 142.9 million shares, at an offering price of THB 7.00 per share, totaling THB 1.0 billion. The purchase of shares for capital increase is subject to approval by the shareholders’ meeting of the counterparty.
Looking ahead, VGI remains confident in its future growth, supported by an improving economic landscape and increasing consumer spending, which are expected to drive advertising budgets in the business sector. The Company is confident in its ability to achieve a revenue target of THB 5,500 – 6,000 million for the fiscal year 2024/25 as planned, the Chief Executive Officer concluded.
