VFD Group grows full-year profit to N12.4 billion as revenue soars, reveals performance drivers 

This marks a strong turnaround from the pre-tax loss of N1 billion recorded for the full year of 2023.

The group also highlighted a substantial full-year net revenue of N32.2 billion, reflecting a year-over-year increase of 164.15% from N12.1 billion reported in the prior year.

Furthermore, total assets soared to N328.6 billion, representing a significant growth of 49.90% from N219.2 billion announced in 2023.

According to the Group’s Managing Director/Chief Executive, Nonso Okpala, strategic investments and divestments drove a significant increase in earnings and profitability over the year.

VFD Group recorded gross earnings of N83.2 billion for FY 2024, marking an increase of 84.5% compared to N45.1 billion in the previous year.

Net investment income increased significantly by 1,318.95% year-over-year, rising from N1.5 billion to N21.7 billion. Net revenue grew to N32.20 billion, up 164.15% from N12.1 billion last year.

The group’s operating profit improved to N11.3 billion, recovering from a loss of N4.1 billion in the previous year, while EBITDA increased by 119.08% year-over-year.

VFD’s pre-tax profit was N12.4 billion, reversing a loss of N1 billion from last year, while post-tax profit reached N10.4 billion, a significant turnaround from a loss of N750 million in 2023.

The group reported a 49.90% year-over-year increase in total assets, reaching N328.6 billion, up from N219.2 billion in the previous year. This growth indicates a focus on enhancing asset value.

Group Managing Director and Chief Executive Officer Nonso Okpala commented on the results, stating that the group demonstrated solid financial performance, reflecting its investment strategies.

He noted, “Strategic investments and divestments contributed to an increase in earnings and profitability this year. We have worked on reinforcing our financial resilience, expanding our investment portfolio, and improving our governance framework, with a focus on digital innovation.” 

He also mentioned that a recent rights issue of N12.5 billion resulted in a 90% growth in shareholders’ funds, reaching approximately N61.98 billion. This capital base, along with an improved leverage profile, positions the group for potential growth and aims to ensure financial stability moving forward.