VFD Group Posts N3.11bn Net Profit In H1

VFD Group Plc has reported a profit after tax of N3.11 billion, demonstrating strong financial performance and resilience in a challenging economic landscape in its unaudited financial results for the first half of the year 2024.

The company’s half year results ended June 30, 2024 showed Group’s total assets reached an impressive N296.86 billion, marking a substantial growth of 35.4 per cent year-on-year (YoY) compared to N219.28 billion as of December 2023. This growth reflects VFD Group’s strategic investments and prudent financial management.

Gross earnings for the period increased by 52.1 per cent to N28.59 billion from N18.79 billion in the corresponding period of 2023. This robust top-line growth underscores the Group’s commitment to delivering value and enhancing shareholder returns.

VFD Group’s total cash and cash equivalents surged by 138.2 per cent, reaching N19.94 billion for the period ended 30 June 2024, compared to N8.37 billion as of December 2023.

Furthermore, the total shareholders’ fund increased significantly by 56.4 per cent from N32.53 billion in December 2023 to N50.87 billion in H1 2024.

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Speaking on the results, Group managing director and CEO of VFD Group, Nonso Okpala said, “our H1 2024 results reflect our relentless focus on strategic execution and operational efficiency. The significant growth in our financial metrics underscores the effectiveness of our business model and the dedication of our team. We remain committed to creating sustainable value for our stakeholders and driving innovation in the investment sector.”

According to Okpala, “the topline growth we have achieved this half year, strongly validates the robustness of VFD Group’s business model. This growth reinforces our ability to capitalise on emerging opportunities and deliver value to our stakeholders.

“As we move forward, we remain focused on optimising our performance by continually reducing cost of funds and operating expenses. This approach will enable us to sustain our growth trajectory and reinforce our position as a strategic player in the investment sector.”

Also, the executive director, Finance, Risk and Compliance of the company, John Okonkwo stated that, “the financial performance we have achieved in the first half of 2024 is a testament to our sound financial strategies and disciplined approach to capital allocation.

“The substantial growth in our net revenue and total assets demonstrates our ability to navigate market dynamics effectively. We are optimistic about maintaining this momentum as we continue to leverage our diversified portfolio and explore new opportunities for growth.”

As VFD Group Plc continues to deliver exceptional financial performance, the Group remains focused on executing its strategic initiatives, expanding its market presence, and enhancing shareholder value.