Miti Hoon – Mr. Nelson Leong, President and CEO, said that over the past six months it has been a challenging time. Demonstration of the company’s management ability remains particularly strong. Advertising media business With income An increase of 8.0% year-on-year, equivalent to 471 million baht. In the past, VGI cooperated with Super Turtle Public Company Limited (“TURTLE”) to launch a new media package called “TURTLE LED” digital display advertising media. 59 large screens in front of Turtle stores in all 15 BTS stations. In digital services, revenue was 370 million baht, down 2.5% year-on-year due to income from lead generation from Rabbit Care Company Limited (“RCare”). However, the Rabbit Group of Companies is still continuing business development. There are currently a total of 16.9 million Rabbit cards, and the insurance brokerage business within the RCare Group has successfully entered
Acquisition of insurance brokerage business of EasyCompare (Thailand) Co., Ltd. (“EasyCompare”). This deal will give RCare access to a base of more than 30,000 active customers with at least 400,000 users. Not only this, RCare has also started expanding business in Vietnam and Singapore markets by establishing new subsidiaries under the name of RABBIT CARE VIETNAM LIMITED LIABILITY COMPANY and RABBIT CARE (SINGAPORE) PTE. LTD., these new subsidiaries will replicate RCare’s business model in Thailand, providing comparison services.
Insurance and financial products online for new customers. Distribution business Revenue was 242 million baht, down 40.5% year-on-year due to a change in the proportion of product sales at Fanslink, which chose to sell products with higher profit margins than before. However, this decline was partially offset by increased revenues from TURTLE’s retail business. In the quarter, the company also generated another income of 583 million baht, with a 94.6% year-on-year increase in profits generated from the sale of investments also in Rabbit Line Pay Limited Company.
In addition to the strong operating results, the company is also very happy and proud. On November 6, 2023, VGI received the SET ESG Ratings Sustainable Equity Rating at level AA in the Services Group for 2023, and has been selected to the Sustainable Equity List for 3 consecutive years. The results of the evaluation confirmed that the company is committed and diligent in conducting business in a sustainable manner. We also value all stakeholders and are always ready to be a part of helping drive the community towards sustainability along with business operations.
Finally, amid economic uncertainty, the World Bank lowered its economic growth forecasts. This led to the Bank of Thailand lowering its economic growth forecast in 2023 to 2.8%. As a result, VGI revised its full-year revenue target to 5,000-5,500 million baht. However, VGI’s strength in both financial position and employees, the company is confident that each business group will recover. We are ready to benefit from the launch of the yellow and pink lines. This is expected to be a strong support for companies in the VGI ecosystem to grow better. Chairman added
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