VFD GROUP REPORTED N2.62bn PROFIT IN Q1
Proprietary investment company, VFD Group Plc, has reported N2.62 billion as profit after tax for the first quarter of 2024. This was revealed in its Q1 unaudited financial results filed with the Nigerian Exchange Limited. During the period under review, the company’s balance sheet improved as total assets hit N261.91 billion from N219 billion reported in 2023. The company’s gross earnings also grew to N15.35 billion, a significant increase from N6.61 billion in 2023.
The Group Managing Director/Chief Executive Officer of VFD Group, Nonso Okpala, commented on the results, stating that the increase in the company’s balance sheet and gross earnings were due largely to dividend income and treasury-related income.
“Despite the harsh 2023 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. We made new investments in 2023, the bulk of which are now yielding investment income. We are actively working on cost optimisation 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 explained.
VFD Group, which was listed on the NGX last year, reported a loss after tax of N750.44 billion in 2023 compared to a gain of N6.84 billion in the previous year. The investment and similar expenses for 2023 were significantly higher than the previous year, amounting to N32.75 billion compared to N12.31 billion in 2022. Its gross earnings for the period rose to N45.11 billion from N34.03 billion at the end of 2023.
Proprietary investment company, VFD Group Plc, has reported N2.62 billion as profit after tax for the first quarter of 2024. This was revealed in its Q1 unaudited financial results filed with the Nigerian Exchange Limited. During the period under review, the company’s balance sheet improved as total assets hit N261.91 billion from N219 billion reported in 2023. The company’s gross earnings also grew to N15.35 billion, a significant increase from N6.61 billion in 2023.
The Group Managing Director/Chief Executive Officer of VFD Group, Nonso Okpala, commented on the results, stating that the increase in the company’s balance sheet and gross earnings were due largely to dividend income and treasury-related income.
“Despite the harsh 2023 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. We made new investments in 2023, the bulk of which are now yielding investment income. We are actively working on cost optimisation 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 explained.
VFD Group, which was listed on the NGX last year, reported a loss after tax of N750.44 billion in 2023 compared to a gain of N6.84 billion in the previous year. The investment and similar expenses for 2023 were significantly higher than the previous year, amounting to N32.75 billion compared to N12.31 billion in 2022. Its gross earnings for the period rose to N45.11 billion from N34.03 billion at the end of 2023.