VFD Group Plc, in its unaudited consolidated financial statements for the period ended September 30, has recorded a dip in its revenue from N10.56 million to N8.64 million, representing a decline of 18.2 percent.
According to the financial statements submitted to the Nigerian Exchange Limited (NGX), the group reported a Profit Before Tax of N933.56 thousand in the third quarter as against N5.06 million reported by group for the Q3 2022, representing an 81.5 percent decline.
According to the group in its earnings release submitted to the NGX and signed by the Nonso Okpala, Group Managing Director and Chief Executive Officer of VFD Group Plc, it said while the results may not have met its expectations, it believe in open communication and are committed to confronting its challenges head on.
“We recorded total revenue of N29.0 billion during the last quarter, a 23 percent increase over the same period last year. This increase can be attributed to dividend income and treasury-related income,” the statement read.
However, the group noted that the dip in profit was impacted by naira depreciation, unprecedented inflation and new investments.
The company explained that naira depreciation from N447 to N767, which increased the cost of the hedge instruments used to address exchange volatility on forward transactions and had a significant impact on interest expense, adding that unprecedented inflation and the rising cost of doing business in the country impacted the operating costs as well.
Also VFD Group noted that during the review period, it also made new investments, the benefits of which could not be recognised immediately, but which would manifest with significant upsides in the coming quarters, which is the crux of its unique business model.
“Due to the time lag between investments and recognition of investment income, our performance did not fully reflect the inherent strength of the balance sheet and the potential of the entire ecosystem,” the statement added.
The company said despite a challenging economic environment marked by high interest rates, rising inflation and naira depreciation, VFD Group is dedicated to adapting and excelling.
“In order to add value to all of our shareholders, our team will continue to excel at what we do,” it stated.
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