By Barnabas Esiet.
VFD Group Plc., a prominent investment company in Nigeria, has released its unaudited financial results for the first quarter of 2024, showing a profit after tax of ₦2.62 billion.
The company’s balance sheet saw improvement during this period, with total assets increasing to ₦261.91 billion, a 9% growth compared to the previous year.
Gross earnings also experienced a significant rise of 13.2%, reaching ₦45.1 billion by the end of the quarter.
Nonso Okpala, the GMD/CEO of VFD Group, attributed the growth in balance sheet and earnings to dividend income and treasury-related income.
He acknowledged the challenges faced in 2023, including Naira devaluation, inflation, and high operating costs, which impacted the company’s performance.
Despite the tough economic conditions, Okpala expressed confidence in VFD Group’s ability to adapt and excel.
The company is focused on optimizing costs, enhancing investment strategies, and exploring new growth opportunities to improve financial performance in the future.
The VFD Group boss emphasized the importance of refining strategies and staying dedicated to achieving success in the ever-changing business landscape.
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