Q1: VFD group posts 900% increase in profit after tax

VFD Group Plc., a leading proprietary investment company in Nigeria, has reported N2.620 billion in profit after tax in its first quarter unaudited financial results for the year 2024.

This accounts for over a 900 per cent increase YTD from the N220.277 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 hit N 261.9 billion, a growth of 83.7 per cent from the N 219.2 billion reported year ending in 2023.

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

Speaking on the results, the GMD/CEO of VFD Group, Nonso Okpala, stated that the increase in the company’s balance sheet and gross earnings were 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 continuing to explore new growth opportunities.

According to him, we are actively working on cost optimisation 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.

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Source:

Tribune Online