VSING Limited released its audited results for the year ended 31 December 2025, reporting strong top-line growth offset by a sizeable non-cash impairment that pushed the Group into a steep loss.
Revenue and Profitability • Group revenue expanded 44.20% year on year to RM123.23 million (2024: RM85.47 million), lifted by all operating segments. • Gross profit more than doubled to RM16.72 million, raising the gross margin to 13.6% from 9.0% a year earlier. • A one-off goodwill impairment of RM54.00 million—linked to the July 2025 acquisition of the interactive entertainment technology platform—drove other income and net gains to a RM53.38 million loss (2024: RM4.00 million gain). • After factoring in RM5.93 million of fair-value losses on financial assets and higher administrative expenses, the Group recorded a pre-tax loss of RM69.50 million (2024: RM7.45 million loss). • Net loss attributable to shareholders widened to RM69.77 million, translating into a basic and diluted loss per share of 7.93 sen (2024: 0.98 sen).
Segment Performance • Trading of used mobile phones remained the largest contributor, generating RM45.41 million revenue (+52.6% YoY) but posted a segment loss of RM3.18 million following higher impairment on receivables. • Freight forwarding and related services delivered RM43.13 million in revenue (+17.4%) with a marginal segment loss of RM0.30 million; gross margin for logistics improved to 12.5% (2024: 10.6%). • Manufacturing and sale of plastic products grew 58.6% to RM30.09 million and turned profitable, posting a segment profit of RM0.56 million versus a loss of RM1.74 million last year. • Newly acquired interactive entertainment technology operations contributed RM4.61 million revenue and a RM2.69 million segment loss during the five months post-acquisition.
Balance Sheet and Liquidity • Total assets rose to RM99.32 million (2024: RM47.33 million) following consolidation of the new subsidiary; goodwill stood at RM26.24 million. • Cash and bank balances closed at RM6.00 million (2024: RM7.43 million). • Net current assets improved to RM22.04 million (2024: RM14.36 million), while the gearing ratio eased to 17.7% (2024: 25.4%). • Total equity attributable to shareholders increased to RM65.17 million, reflecting the issuance of 318.00 million consideration shares for the acquisition.
Capital and Corporate Actions • The Group completed a HK$50.00 million share-for-share acquisition of V Sing Global Limited in July 2025, adding the interactive entertainment platform to its portfolio. • A February 2025 share placement raised net proceeds of HK$12.30 million, fully deployed by year-end—40% to expand plastic-product manufacturing in Vietnam and 60% for general working capital. • A planned placement of up to 150 million new shares lapsed in January 2026 after conditions precedent were not met.
Dividend The Board has recommended no dividend for FY2025 (FY2024: nil).
Outlook Management highlighted ongoing efforts to scale the AI-driven entertainment platform internationally, strengthen integrated logistics in Malaysia and Hong Kong, and deepen diversification through plastics manufacturing and used-mobile-phone trading. The Group will continue to monitor currency exposure and maintain prudence in capital deployment.
Comments