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VFD Group declares 900% 2024 Q1 profit

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VFD Group Plc gets SEC approval to offer Rights Issue of 63.34m ordinary shares at N197.33

A leading Nigerian proprietary investment company, VFD Group Plc., has reported ₦2,620 billion profit after tax (PAT), in its Q1 unaudited financial results for the year 2024.

The figure represents over 900% increase YTD from ₦220,277 million reported in 2023.

According to the result published on the NGX portal, the company’s balance sheet improved in the period under review as total assets hits N 261,908,692 billion, a growth of 83.7% per cent from 219,277,127 billion reported year ending 2023.

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The company’s gross earnings also grew by 43% YTD at ₦15,349 billion; a significant increase from ₦6,612 billion in 2023, which indicates a robust top-line growth.

The GMD/CEO of VFD Group, Nonso Okpala, stated that the increase in the company’s balance sheet and gross earnings was due largely to dividend income and treasury-related income in his statement on the company’s financial performance.

“Despite the harsh 2023 economic environment marked by high interest rates, rising inflation, and Naira depreciation, the Q1 performance has shown that VFD Group is dedicated to adapting and excelling. We made new investments in 2023, the bulk of which are now yielding investment income.

 

Okpala reiterated that the company is focused on strengthening its core operations and continue to explore new growth opportunities.

According to him, the group is actively working on cost optimization measures and enhancing its investment strategies to improve financial performance in the coming years.

‘’Already, we are seeing the results of our refined strategy’’, Okpala said..

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