VFD Group, a multi-sectoral investment company listed on the main board of the Nigerian Exchange (NGX), has released its unaudited full-year results for the year ended December 31, 2024.
The company reported a 49.92 per cent increase in total assets, reaching N328.69bn from N219.25bn in 2023, driven by significant growth across its asset segments.
The group’s assets under management grew by 54.61 per cent to N95.89bn, accounting for 29.17 per cent of total assets. Investments in financial assets rose by 50.9 per cent to N78.53bn, while prepayments and receivables surged by 145.7 per cent to N52.63bn, demonstrating a strong financial position.
Gross earnings reached N83.21bn in 2024, marking an 84.45 per cent increase from N45.11bn in the previous year. The growth was primarily driven by a 107.62 per cent increase in investment and similar income, which totalled N71.17bn, fuelled by earnings from divestments, treasury activities, loans, advances, placements, and dividend income.
Other income grew by 31.60 per cent to N9.35bn, supported by revenue from logistics, hospitality, investment property gains, and foreign exchange transactions.
The group recorded a turnaround in profitability, reporting a profit after tax of N10.41bn compared to a loss of N0.75bn in 2023. Total comprehensive income rose to N10.85bn from N0.15bn, translating into basic earnings per share of N8.22, a significant improvement from the previous year’s negative N3.95 per share.
Net investment income surged by 1321 per cent to N21.71bn, benefiting largely from investment and similar income, resulting in a net investment income margin of 30.50 per cent, up from 4.46 per cent in 2023.
Commenting on the results, Group Managing Director/Chief Executive Officer Nonso Okpala highlighted the company’s strong financial performance, citing strategic investments and divestments as key drivers of earnings and profitability growth.
He emphasised that VFD Group reinforced financial resilience, expanded its investment portfolio, and strengthened its governance framework while embracing digital innovation.
A successful rights issue of N12.5bn contributed to a 90 per cent increase in shareholders’ funds, reaching approximately N61.98bn. The substantial capital base, combined with an improved leverage profile, positions the group for sustained growth and financial stability.
Okpala also noted significant strides in governance and sustainability, enhancing risk management and increasing staff strength to support business expansion.
Operating expenses grew by 53.05 per cent to N12.78bn due to higher general administrative costs incurred to drive business growth.
Depreciation and amortisation also increased by 62.01 per cent to N2.38bn, reflecting the company’s continued investment in infrastructure and operational capacity.
