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VFD Group’s earnings increased by 37% to N5.1 billion

VFD Group has maintained its financial growth progression despite the challenging operating environment, as evidenced by the fact…

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VFD Group's earnings increased by 37% to N5.1 billion

VFD Group has maintained its financial growth progression despite the challenging operating environment, as evidenced by the fact that its Profit Before Tax, known as PBT, increased by 37% for the third quarter of the year, 2022, as compared to the N3.7 billion recorded in the corresponding quarter of 2021, Q3’21.

Other metrics for the unaudited results show that the Company’s gross revenues increased by 43% to N10.6 billion in Q3’22 from N7.4 billion in Q3’21; total assets increased by 88% to N165.5 billion in Q3’22 from N88.2 billion as at Q3’21; total liabilities increased by 84% to N141.8 billion as at Q3’22 from N77.2 billion as at Q3’21, and shareholder’s fund increased by 23.7 billion

In the meantime, operating costs increased by 49% to N5.7 billion as of Q3’22 from N3.8 billion as of Q3’21. Earnings Per Share (EPS) decreased from N36.43 in Q3 of 21 to N28.20 in Q3 of 22.
“The business environment for the period we operated in has been challenging, with growing inflation, FX instability, and a slow pace of economic growth with a worldwide recession on the horizon,” stated Managing Director/CEO Nonso Okpala in response to the findings. VFD Group demonstrated exceptional resiliency in the face of economic challenges and produced a profit before tax of N5.1 billion, representing a 37% increase year over year.

READ MORE: Union Bank’s PBT increased by 14% to N18.2 billion

Continuing, he said: “We will continue to take advantage of the opportunities provided by a continually changing economic environment and leverage our ecosystem to promote efficiency, increase revenue and profitability, and ultimately maximize shareholders’ wealth.”

The Executive Director of Finance, Folajimi Adeleye, also commented on the results: “We generated gross earnings of N10.6 billion as of Q3 2022, a 43% YoY increase from N7.4 billion as of Q3 2021. The growth in our income can be attributed to growth in our interest-bearing assets.

As we approach year-end, we would continue to intensify measures to mitigate the impact of high inflation and promote better balance sheet efficiency by reducing our cost of funds, expanding our treasury trading activities, whilst seeking out ways to optimize cost.”

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