• Tuesday, June 25, 2024
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BusinessDay

VFD Group grows Q1 profit to N2.620bn

VFD Group to sell 30% stake in Abbey Mortgage Bank, raise N30bn additional capital

VFD Group Plc, a proprietary investment company in Nigeria, has released its first quarter (Q1) 2024 unaudited financial results, reporting N2.620 billion profit after tax (PAT), representing about 1,009 percent increase from N220.277 million it reported in same period of 2023.

The company’s gross earnings also grew by 43 percent to N15.349 billion; a significant increase from N6.612 billion in 2023, which indicates a robust top-line growth.

According to the result published on the NGX portal, the company’s balance sheet improved in the period under review as total assets reached N261.908billion, a growth of 83.7 percent percent from N219.277 billion reported year ending 2023.

Nonso Okpala, GMD/CEO of VFD Group 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, we are actively working on cost optimization measures and enhancing our investment strategies to improve financial performance in the coming years. Already, we are seeing the results of our refined strategy, he concluded.