VFD reported N3.11bn profit in H1

VFD Group Plc has recorded a profit after tax of N3.11bn for the first half of the year.

In a statement made available to our correspondent on Wednesday, the Managing Director of VFD Group, Nonso Okpala, stated that the group’s total assets increased to N296.86bn, a 35.4 per cent growth year-on-year compared to N219.28bn as of December 2023.

He added that gross earnings for the first half of the year stood at N28.59bn, marking a 52.1 per cent year-on-year increase from N18.79bn in the corresponding period of 2023.

“Our total assets reached an impressive N296.86bn. Gross earnings amounted to N28.59bn, a remarkable increase from N18.79bn in H1 2023,” he stated.

The Executive Director of Finance, Risk, and Compliance, John Okonkwo, noted that the group reported a surge in total cash and cash equivalents, which grew by 138.2 per cent to N19.94bn, compared to N8.37bn as of December 2023.

Okonkwo stated that shareholders’ funds rose by 56.4 per cent, increasing from N32.53bn in December 2023 to N50.87bn in the first half of the year.

“Total cash and cash equivalents surged to N19.94bn. Shareholders’ fund rose significantly to N50.87bn,” Okpala highlighted.

Commenting on the results, Okpala said, “Our H1 2024 results reflect our relentless focus on strategic execution and operational efficiency. The significant growth in our financial metrics underscores the effectiveness of our business model and the dedication of our team.”

He further added that the approach would enable the company to sustain its growth trajectory and reinforce its position as a strategic player in the investment sector.

“As we move forward, we remain focused on optimising our performance by continually reducing the cost of funds and operating expenses,” he added.

Okonkwo expressed optimism about maintaining this momentum, adding, “We are optimistic about maintaining this momentum as we continue to leverage our diversified portfolio and explore new growth opportunities.”

In June, PUNCH reported that VFD Group announced its intention to raise N30bn in additional capital through share issuance, global depository receipts, commercial papers, loans, convertible and non-convertible instruments, medium-term notes, and bonds.