VFD Group showed  PAT of N3.11b for first half of year

VFD Group Plc, a proprietary investment company in Nigeria, has posted a profit after tax (PAT) of N3.11 billion for the first half of 2024 driven by strategic investments and strong financial management.

The Group’s total assets surged to N296.86 billion, representing a 35.4 per cent increase year-on-year (YoY) from N219.28 billion as of December 2023. Group Managing Director and CEO, Nonso Okpala, noted that the success is a direct result of the company’s relentless focus on strategic execution and operational efficiency.

According to Okpala, “The significant growth in our financial metrics for H1 2024 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.”

VFD’s gross earnings for the period reached N28.59 billion, representing a 52.1 per cent rise from N18.79 billion in the corresponding period of 2023. Its total cash and cash equivalents saw a significant increase of 138.2 per cent, amounting to N19.94 billion as of June 30, 2024, compared to N8.37 billion in December 2023. Furthermore, the total shareholders’ fund grew by 56.4 per cent, from N32.53 billion in December 2023 to N50.87 billion in H1 2024.

Commenting on the results, the Executive Director, Finance, Risk and Compliance, VFD, John Okonkwo, stated, “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.”

He added that VFD would continue to deliver exceptional financial performance while expanding its market presence, and enhancing shareholder value.