Kayode Tokede
VFD Group Plc has migrated from N1.02 billion loss before tax in 2023 financial year to N12.46 billion profit before tax in unaudited financial year ended December 31, 2024.
The multi-sectoral investment Company, listed on the main board of the Nigerian Exchange (NGX) declared N10.41 billion profit after tax in 2024 from a loss of N0.75 billion announced in 2023 financial year, and total comprehensive Income for the year of
N10.85 billion in 2024 from N0.15 billion in 2023.
This resulted in basic earnings per share of N8.22/share in 2024 from -N3.95/share in 2023. Overall, the Group recorded return on average assets of 3.80 per cent in 2024 from -0.41per cent in 2023 and return on average equity of 22.02 per cent in 2024 from -2.34per cent in 2023.
VFD Group recorded gross earnings of N83.21 billion in 2024, an 84.45per cent increase relative to N45.11 billion achieved in 2023.
The increase in gross earnings was primarily driven by Investment and similar income (85.54per cent of gross earnings) increase of 107.62per cent to N71.17 billion in 2024 from N34.28 billion in 2023.
In addition total assets contribution was 145.7per cent growth in Prepayment and receivables (16.per cent of total assets) to N52.63 billion (FY 2023: N21.42 billion, 9.8per cent of total assets).
The Group Managing Director/ Chief Executive Officer,VFD Group, Mr. Nonso Okpala in a statement said, “In 2024, the Group demonstrated a robust financial performance, underscoring the effectiveness of our investment strategy and the resilience of our business model. Strategic investments and divestments drove a significant increase in earnings and profitability during the year.
“We reinforced financial resilience, expanded our investment portfolio, and strengthened our governance framework, all while embracing digital innovation. A successful rights issue of N12.5 billion contributed to a remarkable 90per cent growth in our shareholders’ fund, reaching approximately N61.98 billion. This substantial capital base, coupled with an improved leverage profile, positions us for sustained growth and ensures financial stability.”
