VFD Group Plc at its 6th annual general meeting (AGM) held in Lagos on Tuesday, May 31 got its shareholders approval to pay final dividend of N10.79 per share with an additional bonus share for every two shares held by its shareholders. This final dividend is N2.3 per share higher than the dividend the group paid last year, thereby reaffirming the commitment made to its shareholders to continuously grow wealth.
VFD Group Plc is a leading proprietary investment company in Lagos. Its financial result for the year ended December 31, 2021 shows strong growth in gross earnings of 50percent to N9.95 billion. The result shows continued headline growth from diverse income streams and resilience across all financial indicators, amidst macroeconomic headwinds during the year under review.
Major highlights of the results show gross earnings for the group grew by 50percent to N9.95billion, from N6.65 billion in 2020; interest income grew significantly by 99percent to N7.33 billion from N3.69 billion in 2020; trading and other non-interest income grew by 156percent to N10.26 billion from N4.01 billion in 2020; a 64percent growth in shareholders’ funds to N14.64 billion from N8.92 billion in 2020; and total assets growth of 26percent to N102.82 billion from N81.68 billion in 2020.
“We have laid the framework for increased earnings and efficiency for the years ahead,” said Olatunde Busari, Chairman, Board of Directors, VFD Group Plc. He further told shareholders at the AGM that, “Our financial performance demonstrates the effectiveness of our strategy in maximising shareholders value, and the ongoing expansion phase our company is in, with significant cost growth.
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“While we remain optimistic with our outlook, we would position ourselves to take advantage of opportunities that present themselves during the year. We would also focus on consolidating our existing business interests and drive our vision of becoming a commercially viable proprietary investment company with global influence. We will continue to seek cross border opportunities that enable us access new market to help us aggregate the service offerings of our existing portfolio companies and collaborations outside our ecosystem to build a platform that allows us ring-fence stakeholder value chain”.
According to Nonso Okpala, GMD/CEO VFD Group, “2021 was a difficult year for the Group because we were forced to navigate the most difficult health and economic times in recent history. Regardless, VFD Group was able to weather the storm and deliver an impressive financial performance. We are confident that our diverse portfolio of investments, products, and services, as well as our people, have placed us in an excellent position to continue providing superior value to all our stakeholders.”
An assessment of strategic activities in 2021 shows the significant strides made towards additional capital raise, improved efficiency, and cross-border expansion activities.
Other significant accomplishments in the year include investment in Piggyvest and Cashpot; the establishment of three investment entities – HEREL, ARTSPLIT, and Asfalizo Acquisition; substantial investment in Venture Platforms, and lastly the acquisition of a 5percent stake in the Nigerian Exchange Group (NGX), Nigeria’s leading exchange business.
Okpala further noted that “as our cross-border expansion plans and strategic investment entities take shape in 2022, we expect the revenue base to be further expanded and strengthened to deliver positive results across all profitability metrics.”
