• Monday, April 22, 2024
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VFD Group pays shareholders N1.5bn dividend for year 2022

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VFD Group Plc has paid its shareholders final dividend of N7.89kobo per share, following their approval at the company’s 7th annual general meeting (AGM) held recently in Lagos.

The dividend payout by the leading proprietary investment company amounts to N1.5 billion, an increase of 9.7percent compared to the N1.36 billion payout in the previous financial year.

VFD Group has consistently paid dividends to its shareholders over the last five years, unequivocally reaffirming the Group’s unwavering dedication to grow the wealth of its esteemed shareholders.

The recently released financial results unveil a remarkable growth trajectory in both gross earnings and profit before tax, highlighting the Group’s unwavering resilience amidst a challenging business landscape. Gross Earnings for the group grew by 87percent to N33.8 billion from N18.1 billion in 2021.

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Investment and similar income grew by 54percent to N17.7 billion from N11.5 billion in 2021. Other Income grew significantly by 105percent to N13.0 billion from N6.6 billion in 2021.

Profit Before Tax (PBT) grew exponentially by 125percent to N8.8 billion from N3.9 billion in 2021. The company also recorded 95percent growth in shareholders’ funds to N31.5 billion from N16.2 billion in 2021, while its total assets grew by 45percent to N149.1 billion from N102.8 billion in 2021.

The remarkable growth in gross earnings was attributed to significant growth of 190percent in placement and investment income.

While commenting on the financial results, Nonso Okpala, Group Managing Director/CEO, VFD Group Plc expressed his satisfaction, stating, “We are pleased with our financial results for the year, which demonstrates the strength of our business model and quality of our investments. We remain optimistic about the future, and while we understand that past successes have a role in telling our story, we would rather look forward to new victories.”

Looking ahead to the year 2023, VFD Group Plc aims to intensify efforts in fostering exceptional cross-selling and collaboration among its investee companies, thereby potentially accelerating growth. Furthermore, the Group plans to explore opportunities for geographical expansion, paving the way for exciting prospects and creating footprints in new markets.