VFD Group Announces Remarkable 2024 Q1 Unaudited Financial Results with Over 900% Profit Increase

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Nonso Okpala, Group Managing Director and CEO of VFD Group

VFD Group Plc., a leading proprietary investment company in Nigeria, has released its unaudited financial results for the first quarter of 2024, showcasing an impressive performance. The company reported a profit after tax of ₦2,620 billion, marking an extraordinary year-to-date increase of over 900% from the ₦220.28 million reported in the same period in 2023.

The results, published on the Nigerian Exchange (NGX) portal, highlight a significant improvement in the company’s balance sheet. Total assets surged to ₦261.91 billion, representing an 83.7% growth from ₦142.64 billion reported at the end of 2023.

VFD Group also saw its gross earnings grow by 43% year-to-date, reaching ₦15.35 billion, up from ₦10.73 billion in 2023. This substantial increase indicates robust top-line growth for the company.

Nonso Okpala, Group Managing Director and CEO of VFD Group, attributed the impressive financial performance to strong dividend income and treasury-related income. In his statement, Okpala emphasized that despite the challenging economic environment of 2023, characterized by high interest rates, rising inflation, and Naira depreciation, VFD Group’s Q1 performance demonstrates its resilience and adaptability. He noted that new investments made in 2023 are now yielding substantial returns.

Okpala reiterated that the company remains committed to strengthening its core operations and exploring new growth opportunities. He highlighted ongoing efforts in cost optimization and enhancing investment strategies to further improve financial performance in the coming years. “We are already seeing the positive impact of our refined strategy,” he concluded.

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