L-R, Vice Chairman, Capital Market Correspondents Association of Nigeria (CAMCAN), Friday Ekeoba; Managing Director of Splitar Limited, Folagbade Adeyemi; Chairman CAMCAN, Chinyere Joel-Nwokeoma; and Head Marketing & Corporate Communications of VFD Group, Muyiwa Olowoporoku during the CAMCAN Quarterly Forum hosted by VFD Group with the theme “Beyond Tradition: Increasing Relevance of Alternative Assets in Capital Market” in Lagos.

 

VFD Group Plc., a leading proprietary investment company in Nigeria, today announced its Q1 unaudited financial results for the year 2024, reported ₦2,620 billion profit after tax.

According to the result published on the NGX portal, the company’s balance sheet improved in the period under review as total assets hits N 261,909 billion, a growth of 9% from 239,999 billion reported as of December 2023.

The company’s gross earnings also grew by 13.2% closing the year at ₦45,1billion, a significant increase from ₦34,025 billion in 2022, which indicates a robust top-line growth.

However, The group recorded a loss of ₦750,441 million according to its year end 2023 financial from a profit after tax of N7 billion in 2022 owing to harsh economic realities of the country.

The GMD/CEO of VFD Group, Nonso Okpala, 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.

While commenting on the company’s financial performance the GMD/CEO, VFD Group, Nonso Okpala attributed the company’s loss after tax to tough and challenging business environment in 2023. He added that “Naira devaluation, unprecedented inflation, and the rising cost of doing business in Nigeria drove up our operating costs. We also made new investments, the bulk of which would take time to yield investment income whilst the interest expense on the cost of investment had to be recorded immediately.”

“Despite the highlighted 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.

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.

VFD Group publishes 2024 Q1 Unaudited Financial Results
VFD Group Plc., a leading proprietary investment company in Nigeria, today announced its Q1 unaudited financial results for the year 2024, reported ₦2,620 billion profit after tax, accounting for over 900% increase YTD from ₦220,277 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 hits N 261,908,692 billion, a growth of 83.7% per cent from 219,277,127 billion reported year ending 2023.
The company’s gross earnings also grew by 43% YTD at ₦15,349 billion; a significant increase from ₦6,612 billion in 2023, which indicates a robust top-line growth.

The GMD/CEO of VFD Group, Nonso Okpala, 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.