VFD Group Plc has announced its unaudited financial results for the first half of the year 2024.
The Group reported a profit after tax of N3.11 billion, demonstrating strong financial performance and resilience in a challenging economic landscape.
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.
In response to these impressive results, Nonso Okpala, Group Managing Director and CEO of VFD Group Plc, commented, “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. We remain committed to creating sustainable value for our stakeholders and driving innovation in the investment sector.”
According to Okpala, “The topline growth we have achieved this half year, strongly validates the robustness of VFD Group’s business model. This growth reinforces our ability to capitalize on emerging opportunities and deliver value to our stakeholders. As we move forward, we remain focused on optimizing our performance by continually reducing cost of funds and operating expenses. This approach will enable us sustain our growth trajectory and reinforce our position as a strategic player in the investment sector.”
In addition, John Okonkwo, the Executive Director, Finance, Risk and Compliance stated, “The financial performance we have achieved in the first half of 2024 is a testament to our sound financial strategies and disciplined approach to capital allocation. 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.”
