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By Chukwuma Umeorah
VFD Group Plc has reported a profit after tax of N2.63 billion in its Q1 unaudited financial results for the year 2024.
This represents over 900 per cent year-to-date (YTD) increase from the N220.28 million reported in the previous year.
The Group Managing Director/CEO of VFD Group, Nonso Okpala, attributed the substantial profit increase primarily to dividend income and treasury-related income.
Okpala highlighted that “Despite the challenging economic environment of 2023, marked by high interest rates, rising inflation, and Naira depreciation, the strategic investments made by the company have started yielding considerable returns.”
The financial report, filed on NGX also showed a notable improvement in the company’s balance sheet, with total assets rising by 84 per cent to N261.9 billion from N219.27 billion at the end of 2023. Additionally, VFD Group’s gross earnings surged by 43 per cent YTD reaching N15.349 billion, up from N6.612 billion in the previous year, indicating robust top-line growth.
Okpala emphasized that the company’s enhanced financial performance is a result of its focused investment strategy and cost optimization measures. He stated, “We made new investments in 2023, the bulk of which are now yielding investment income. This strategic approach has been crucial in driving our strong Q1 results.”
