Business News

2024 Q1: VFD Group reports N3 billion in pre-tax profits

VFD Group Plc, a leading proprietary investment company, has released its financial statements for the first quarter of 2024, showcasing a significant improvement in its financial metrics.

The company reported a revenue of N15.3 billion, up from N6.6 billion in the same period in 2023. This increase in revenue indicates a positive trend in the company’s ability to generate income.

Net investment income also showed substantial growth, rising to N4.8 billion from N611 million in Q1 2023. Additionally, other income increased to N2.6 billion from N1.4 billion, reflecting the company’s diversified income streams.

VFD Group Plc achieved a profit before tax of N3.04 billion in Q1 2024, significantly up from N220 million in Q1 2023. Net profit also saw a remarkable increase, reaching N2.62 billion from N220 million in the previous year.

This growth in net profit, despite rising expenses, indicates effective cost management and operational efficiency in a challenging operating environment.

VFD Group Plc’s financial performance in Q1 2024 showcases balanced growth in revenue and net profit amidst rising operating expenses and liabilities.

The company’s ability to manage costs effectively and expand its asset base while maintaining a significant increase in profitability is commendable.

Investors and stakeholders will be keenly observing how VFD Group Plc navigates these challenges and leverages its revenue growth to enhance profitability and shareholder value in the coming quarters.

VFD share price closed at N202.9 at the end of trading on Friday. The share price has hardly moved for about a month now.

Update: This article has been revised to reflect the financials of the Group accounts rather than the Company, as was earlier published.