VFD Group reports N2.62bn profit after tax in Q1 2024

VFD Group Plc., a proprietary investment company in Nigeria, on Saturday announced its Q1 unaudited financial results for the year 2024, reporting ₦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 hit N261,908,692 billion, a growth of 9% per cent from N239,999,635 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 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.

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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, Okpala attributed the company’s loss after tax to a 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.”

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