VFD Group Posts N295.86bn Growth In Total Assets

VFD Group Plc has announced its unaudited financial results for the period ended September 30, 2024.

According to the company’s results sent to the Nigeria Exchange Limited (NGX), its total assets rose by 35 per cent year-to-date to N295.86bn in September 2024 compared to N219.28bnbn in December 2023.

The company noted that the growth in total assets was driven by growth in Assets Under Management, Increase in Loans and Advances, and Investment in Real Estate as well as proceeds from Rights Issue at the beginning of the year.

VFD Group reported a profit after tax of N4.47bn, a 555 per cent year-on-year increase, showing strong financial performance and resilience in a challenging economic landscape.

The net revenue for the period showed a remarkable increase of 111 per cent YoY, amounting to N18.27bn, up from N8.64bn in the corresponding period of 2023.

The group’s total cash and cash equivalents surged by 213 per cent, reaching N26.22bn for the period ended 30 September 2024, compared to N8.37bn as of December 2023.

Furthermore, the total shareholders’ funds increased significantly by 62 per cent, from N32.53bn in December 2023 to N52.76bn in 2024.

In response to these impressive results, Group Managing Director of VFD Group Plc, Nonso Okpala commented, “Like many other businesses, VFD Group faced considerable economic headwinds, including intensified inflation and greater exchange rate volatility.

” Despite these challenges, we demonstrated robust resilience and disciplined execution, reporting an N4.47bn profit after tax, a remarkable 555 per cent increase year-on-year.

“This result underscores our commitment to exceeding shareholder expectations and sustaining high performance amidst fluctuating economic conditions”.

Commenting on the outlook for the Group, Mr Okpala added, “The establishment of Anchoria Capital Group is a key strategic move to consolidate our capital market operations, optimize resource allocation, and enhance synergies across our investment portfolio.

“Our ongoing portfolio optimization, including targeted divestments of non-core assets, supports our aggressive expansion drive. Our strategic global expansion is already delivering tangible results, reinforcing our plan to position VFD Group as a leading player in international markets and fuelling our growth on a global scale”.

VFD Group Posts N295.86bn Growth In Total Assets is first published on The Whistler Newspaper