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Intellectual capital is a strategic asset for the growth and sustainability of SMEs. It contributes signifi cantly towards the national economy, generating employment and improving the well-being of the public. The main purpose of this research was to determine how six components of intellectual capital aff ect the organizational performance of ICT SMEs operating in Penang, Malaysia. The developed model was tested through SEM and it adequately explained the eff ect of intellectual capital on organizational performance. The results suggest that customer capital has a signifi cant positive infl uence on organizational performance of ICT SMEs while human capital, structural capital, social capital, technological capital and spiritual capital remained insignifi cant. Future studies may adopt a comparative approach to understand how intellectual capital aff ects organizational performance in emerging economies. Keywords: Intellectual capital, human capital, customer capital, structural capital, social capital, technological capital, spiritual capital, organizational performance, ICT SMEs, Penang.