VFD Group returns to profitability with N11.2bn PBT

Proposes N3.17bn final dividend, 5/1 share bonus

VFD Group Plc, in its published audited financial statement for the year ended December 31, 2024, has declared a return to profitability, reporting a Profit Before Tax (PBT) of N11.2 billion.

This represents a significant turnaround from the pre-tax loss of ₦ 1 billion recorded in 2023, largely driven by an increase in investment income.

In a notice to the investing community through the Nigerian Exchange (NGX), VFD Group Plc said it will pay about N3.17 billion as final dividend for the financial year ended December 31, 2024.

The company proposed a final dividend of N2.50 kobo per share payable to shareholders whose names appear in the register of members as at the close of business on April 22.

The company has also proposed bonus issue of 5 new shares for every 1 share. The register of members will be closed from April 23 to April 28. The qualification date is April 22

VFD Group Plc is a proprietary investment and operates through its portfolio companies to provide alternative funding and investment channels that are accessible to individuals, small businesses and operators.

In the financial year ended December 31, 2024, the Group reported profit before tax (PBT) of N11.249 billion as against loss before tax (LBT) of N1.021 billion in 2023. 

Its profit for the year stood at N8.693billion compared with N750.441 million loss in year 2023.

Investment income grew by 97.95 percent to N74.5 billion, compared to the N37.6 billion the previous year. 

This contributed to the 95 percent YoY growth in net interest income to N58.9 billion notwithstanding the surge in investment expenses amounting to N15.5 billion.

The group’s net revenue increased to N70.9 billion in 2024, compared to N37.3 billion in the previous year, reflecting an 89.84 percent rise.

However, total expenses spiked from N13.4 billion to N22.1 billion, with other operating expenses constituting the bulk at N14 billion.

Despite this, the group reported an operating profit of N48.8 billion, up 103.88 percent from N23.9 billion the previous year.

Nevertheless, finance costs increased to N37.5 billion from N25.3 billion in the prior year, majorly comprised of interest expenses.

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