VFD Group has released its unaudited financial statements for the third quarter (Q3) period ended September 30, 2022. The Group’s result shows consistent growth and outstanding performance on all key financial indicators.
Leveraging its clear strategy and management guidance, the Group is well poised to continue delivering strong results and superior value to its stakeholders on the way to building Africa’s first truly diverse ecosystem.
The Group’s financial highlights
Gross Earnings increased to N10.6 billion as at Q3 2022, compared to N7.4 billion as at Q3 2021, representing 43 percent growth year-on-year (YoY). Operating Expenses: N5.7 billion as at Q3 2022, up from N3.8 billion as at Q3 2021 (49percent growth YoY).
Profit Before Tax: N5.1 billion as at Q3 2022, compared to N3.7 billion as at Q3 2021 (37percent growth YoY). Total Assets: up to N165.5 billion as at Q3 2022, from N88.2 billion as at Q3 2021 (88percent growth YoY).
Total Liabilities: N141.8 billion as at Q3 2022, compared to N77.2 billion as at Q3 2021 (84percent growth YoY). Shareholder’s Fund: N23.7 billion as at Q3 2022, up from N11.0 billion as at Q3 2021 (115percent growth YoY). Earnings per Share: down to N28.20 as at Q3 2022, compared to N36.43 as at Q3 2021.
Read also: Beverage business lifts Cadbury’s profit to N2.8bn
While commenting on the results, Nonso Okpala, MD/CEO, VFD Group said: “The business environment for the period we operated in has been challenging, with rising inflation, FX instability, and a slow pace of economic growth with a global recession on the horizon. Despite the economic headwinds, VFD Group showed outstanding resilience and delivered a profit before tax of N5.1 billion, signifying a year-on-year growth of 37percent”.
“Going forward, we will continue to take advantage of the opportunities provided by a continually changing economic environment and leverage our ecosystem to promote efficiency, increase revenue and profitability, and ultimately maximize shareholders’ wealth.”
Also speaking on the results, Folajimi Adeleye, Executive Director of Finance, VFD Group said: “We generated gross earnings of N10.6 billion as at Q3 2022, a 43percent YoY increase from N7.4 billion as at Q3 2021. The growth in our income can be attributed to growth in our interest-bearing assets.”
“As we approach year-end, we would continue to intensify measures to mitigate the impact of high inflation and promote better balance sheet efficiency by reducing our cost of funds, expanding our treasury trading activities, whilst seeking out ways to optimize cost,” Adeleye said.
