VFD Group Plc, a leading proprietary investment company in Nigeria, has announced its impressive unaudited financial results for the first half of 2024.
The Group reported a profit after tax of N3.11 billion, showcasing its strong financial performance and resilience in a challenging economic landscape.
The Group’s total assets reached an impressive N296.86 billion, marking a substantial growth of 35.4% 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 showed a remarkable increase of 52.1% YoY, amounting to N28.59 billion, up 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%, 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%, rising from N32.53 billion in December 2023 to N50.87 billion in H1 2024.
Nonso Okpala, Group Managing Director and CEO of VFD Group Plc, attributed the impressive results to the Group’s relentless focus on strategic execution and operational efficiency.
He emphasized the effectiveness of the business model and the dedication of the team in creating sustainable value for stakeholders.
John Okonkwo, Executive Director, Finance, Risk, and Compliance, noted that the financial performance is a testament to the sound financial strategies and disciplined approach to capital allocation.
He expressed optimism about maintaining the momentum, leveraging the diversified portfolio, and exploring 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.
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