VFD Group Reports N2.620bn Net Profit In Q1

VFD Group Plc, had reported N2.620 billion profit after tax in its first quarter financial period ended March 31, 2024.

The audited results published on the Nigerian Exchange showed that the company’s balance sheet improved in the period under review as total assets hit N 261.909 billion, a growth of nine per cent from 239.999 billion reported as of December 2023.

The company’s gross earnings grew by 43 per cent year-to-date at N15.349 billion; a significant increase from N6.612 billion in 2023, which indicates a robust top-line growth.

The GMD/CEO of VFD Group, Nonso Okpala, stated that the increase in the company’s balance sheet and gross earnings was due largely to dividend income and treasury-related income in his statement on the company’s financial performance.

While speaking on the company’s financial performance the GMD/CEO, VFD Group, Nonso Okpala attributed the company’s loss after tax to a tough and challenging business environment in 2023.

He added that “naira devaluation, unprecedented inflation, and the rising cost of doing business in Nigeria drove up our operating costs. 

We also made new investments, the bulk of which would take time to yield investment income whilst the interest expense on the cost of investment had to be recorded immediately.

“Despite the highlighted 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.”

Okpala reiterated that the company is focused on strengthening its core operations and continuing to explore new growth opportunities.

According to him, we are actively working on cost optimization 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 concluded.