VFD Group Plc, a proprietary investment company in Nigeria, recorded a 1,260 percent growth in after-tax profit for the year ended December 31, 2024, rebounding from a loss recorded in 2023.
According to the company’s audited financial statements, the company recorded an after-tax profit of N8.7 billion, more than double from a loss of N750 million in 2023 and the highest annual profit in the company’s history since listing on the Nigerian Exchange in 2022.
Gross earnings also surged 93.4 percent to N87.8 billion in 2024 from N45.4 billion recorded in 2023, driven by portfolio expansion, strategic investments, and operational efficiency.
The company, which is also a Nigerian conglomerate, operates through its portfolio companies to provide alternative funding and investment channels that are accessible to individuals, small businesses, and operators.
Its investment portfolio covers various industries, particularly Financial Services, Capital Markets, Technology, Security Services, Banking, Remittance, Real Estate and Hospitality, Leasing, Media and Entertainment, Infrastructure, and Energy.
In 2023, VFD Group received approval to list its shares on the Nigerian Exchange Limited. It was officially listed on Friday, October 6, at N269.30 per share.
The Group voluntarily delisted its 190 million shares previously traded on the NASD Securities Exchange to be quoted on NGX.
Read also: VFD Group to pay N3.17bn as final dividend
The listing of VFD Group’s shares added over N45 billion to the market capitalisation of NGX, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.
Further analysis of its 2024 full-year financial results shows that Investment income grew by 97.95 percent year-on-year to N74.5 billion, compared to the N37.6 billion the previous year. This contributed to the 95 percent to net interest income of N58.9 billion notwithstanding the surge in investment expenses amounting to N15.5 billion in 2024.
The group’s net revenue increased to N70.9 billion in 2024, compared to N37.3 billion in the previous year, reflecting an 89.84 percent rise. However, total expenses spiked from N13.4 billion to N22.1 billion, with other operating expenses constituting the bulk at N14 billion.
Despite this, the group reported an operating profit of N48.8 billion, up 103.9 percent from N23.9 billion the previous year. Nevertheless, finance costs increased to N37.5 billion from N25.3 billion in the prior year, majorly comprising interest expenses.
VFD Group has shares outstanding of 1.266 billion units each valued at N51.9 as at Thursday, April 3. The proposed dividend amounts to N3.17 billion as the final dividend for the financial year ended December 31, 2024.
The company proposed a final dividend of N2.50 kobo per share payable to shareholders whose names appear in the register of members as at the close of business on April 22, 2025.
