VFD Group Plc has reported a 61 per cent growth in profit before tax to ₦7.99bn for the nine months ended September 30, 2025, compared to ₦4.95bn in the same period of 2024.
The performance, contained in the Group’s unaudited financial statements, was driven by cost efficiency gains, margin expansion and improved subsidiary contributions.
Operating income rose 49 per cent year-on-year, while gross earnings climbed 35 per cent to ₦60.72bn, supported by disciplined capital deployment and portfolio optimisation.
Operating profit grew 66 per cent, as the cost-to-income ratio moderated by 700 basis points to 30.4 per cent. Operating cash flow turned positive at ₦12.21bn, underscoring improved earnings quality and efficient asset-liability management.
The Group’s balance sheet remained strong, with total assets rising 30 per cent to ₦383.39bn, while shareholders’ equity increased 29 per cent to ₦71.50bn. The debt-to-equity ratio improved to 1.68x from 2.07x in full-year 2024, reflecting prudent deleveraging and stronger internal capital generation.
To further consolidate its capital position, VFD Group is executing a rights issue aimed at strengthening its balance sheet and supporting future expansion.
The company stated that the proceeds will help reduce funding costs, improve liquidity, and strengthen its long-term profitability profile.
Group Managing Director, Nonso Okpala, said the third-quarter results reflect the compounding effect of disciplined execution and effective strategy.
“Our Q3 results underscore operational efficiency and the effectiveness of our ecosystem strategy. As we optimise capital allocation and consolidate our unique investment model, we remain optimistic about our diversified portfolio, which offers a blend of growth and resilience,” Okpala said.
He added that the Group’s fintech and loyalty subsidiary, Bvndle, continues to demonstrate strong growth momentum and “unicorn potential” within the portfolio.
Also commenting, Executive Director of Finance and Investor Relations Folajimi Adeleye said the company’s consistent balance sheet improvement validates its prudent financial strategy.
“Our results highlight a 65.8 per cent year-on-year rise in operating profit and a 61.4 per cent increase in profit before tax, supported by margin expansion and cost control. The ongoing rights issue will further solidify our capital base and position us for sustained, profitable growth,” he said.
VFD Group said it remains focused on executing its rights issue, scaling its growth initiatives, and driving sustainable value creation across its subsidiaries and investee companies.
