Monday, September 29, 2025
29.2 C
Lagos

VFD Group Publishes 2024 Q1 Unaudited Financial Results

VFD Group Plc, a leading proprietary investment company in Nigeria has announced its Q1 unaudited financial results for the year 2024, reporting ₦2, 620 billion profit after tax.

According to the result published on the NGX portal, the company’s balance sheet improved in the period under review as total assets hit N 261,908,692 billion, a growth of 9% per cent from 239,999,635 billion reported as of December 2023.

The company’s gross earnings also grew by 13.2% closing the year at ₦45,1billion, a significant increase from ₦34,025 billion in 2022, which indicates a robust top-line growth.

However, The Group recorded a loss of ₦750,441 million according to its year end 2023 financial from a profit after tax of N7 billion in 2022 owing to harsh economic realities of the country.

The GMD/CEO of VFD Group, Nonso Okpala, stated that the increase in the company’s balance sheet and gross earnings was due largely to dividend income and treasury-related income in his statement on the company’s financial performance.

While commenting on the company’s financial performance the GMD/CEO, VFD Group, Nonso Okpala attributed the company’s loss after tax to a tough and challenging business environment in 2023. He added that “Naira devaluation, unprecedented inflation, and the rising cost of doing business in Nigeria drove up our operating costs. We also made new investments, the bulk of which would take time to yield investment income whilst the interest expense on the cost of investment had to be recorded immediately.”

“Despite the highlighted economic environment marked by high interest rates, rising inflation, and Naira depreciation, the Q1 performance has shown that VFD Group is dedicated to adapting and excelling.

Okpala reiterated that the company is focused on strengthening its core operations and continuing to explore new growth opportunities.

According to him, we are actively working on cost optimization measures and enhancing our investment strategies to improve financial performance in the coming years. Already, we are seeing the results of our refined strategy, he concluded.

spot_img
spot_img

Hot this week

AIICO Deepens Bond with Retirees, Holds Annuity Forum in Lagos, PH

Mr. Gbenga Ilori, Head, Retail Business at AIICO, in...

Sovereign Trust Insurance Holds 30th AGM

L-R: Eric Balogun, Independent Director, Emi Faloughi, Director, Kayode Adigun,...

Unity Bank Shareholders Approve Merger with Providus Bank

  EGM: From left: Mr. Usman Abdulkadir, Executive Director, Risk...

NNPCL: Ogoni Re-entry is a Beacon of Reconciliation through Collaboration

The re-entry into Ogoniland marks a historic turning point...

NLNG, NCDMB Celebrate 122 Graduates of Train 7 HCD Training Program

NLNG in collaboration with the Nigerian Content Development and...

Topics

Stanbic IBTC Continues Impressive Impact in Education

  Stanbic IBTC Bank Plc, a subsidiary of Stanbic IBTC...

Sovereign Trust Insurance Reports N10.5bn Premium in 2018

Sovereign Trust Insurance Plc says it recorded Gross Premium...

Red Star Express Plc Partners DealDey to Enhance eCommerce Industry

In a strategic bid to constantly exceed customers’ expectations and enhance the eCommerce industry in Nigeria, Red Star Express Pl, has partnered with DealDey to take the online shopping business to greater height. Online shopping is fast gaining ground in Nigeria, taking up most conventional shopping as people, especially the elite, working class and the youth, who run tight/ busy schedules, place their orders from the online stores at the comfort of their homes and offices, and their purchases are delivered to them.

Airlines Target 3.8bn Passengers, $2.4tr Revenue in 2O16

The International Air Transport Association (IATA) welcomed partnerships among...

Is There a Hidden Liquidity Crisis in the Nigerian Banking System?

By Elvis Eromosele The Nigerian banking system, once celebrated as...

CTO calls for specific goals and targets for ICTs in post-2015 development agenda

Venue: LONDON, Time: 20 OCTOBER 2014 Following consultations with its...

Sovereign Trust Insurance Elevates Kayode, Emmanuel as EDs

One of the foremost underwriting firms in the country,...

Winners Emerge at Sovereign Trust Insurance Table Tennis Tourney

The Grand Finale of our eponymous Table Tennis Tournament...
spot_img

Related Articles

Popular Categories

spot_imgspot_img