Lagos, April 3, 2025 – VFD Group Plc, a leading Nigerian proprietary investment company, has announced a robust pre-tax profit of N11.2 billion for the fiscal year ended December 31, 2024, according to its audited financial statement released today on the Nigerian Exchange (NGX). The impressive figure marks a dramatic turnaround from the N1 billion pre-tax loss reported in 2023, driven by a near doubling of investment income, which soared 97.95% year-over-year to N74.5 billion from N37.6 billion.
A Stellar Financial Rebound
The Lagos-based firm, listed on the NGX Main Board since October 2023, credited its success to strategic investments and a diversified portfolio spanning financial services, real estate, hospitality, and fintech. Net interest income surged 95% to N58.9 billion, despite a spike in investment expenses to N15.5 billion. The group’s net revenue climbed 89.84% to N70.9 billion, up from N37.3 billion in 2023, while operating profit hit N48.8 billion—a 103.88% leap from the prior year’s N23.9 billion. Total expenses rose from N13.4 billion to N22.1 billion, with operating costs like personnel and administration accounting for N14 billion of the increase.
“Strategic investments and divestments have fueled this exceptional growth,” said Group Managing Director and CEO Nonso Okpala in a statement accompanying the release. “We’ve reinforced our financial resilience and expanded our portfolio while embracing digital innovation.” A successful N12.5 billion rights issue in 2024 boosted shareholders’ funds by 90% to approximately N61.98 billion, further solidifying the company’s capital base.
Key Drivers and Asset Growth
Investment income, comprising 85% of gross earnings, was the standout performer, climbing to N74.5 billion from strong treasury activities, loans, advances, and dividend earnings. Total assets swelled 49.9% to N328.6 billion from N219.2 billion, with financial assets contributing N189.8 billion, investment properties at N35.8 billion, and cash reserves at N24.4 billion. Posts on X hailed the turnaround, with one user noting, “VFD’s N11.2B profit shows Nigeria’s investment scene is still kicking.”
The rebound follows a challenging 2023, when hyperinflation in Ghana and high borrowing costs in Nigeria dragged the group to a N1 billion pre-tax loss. This year’s gains reflect a shift toward cost optimization and high-yield opportunities, with net investment income margins improving significantly.
Market Performance and Outlook
Trading at N51.90 as of April 2, VFD Group’s stock has posted a year-to-date gain of 16.89% in 2025, building on 2024’s 9.41% rise. Okpala highlighted the firm’s focus on “financial stability and growth,” pointing to its enhanced leverage profile as a springboard for future expansion. Analysts see the profit surge as a sign of resilience in Nigeria’s volatile economic landscape, though rising operating expenses signal ongoing pressures.
With a portfolio of over 40 companies—including VFD Microfinance Bank, recently bolstered by a N5 billion injection—VFD Group is positioning itself as a multi-sectoral powerhouse. As it navigates a tricky global trade environment marked by U.S. tariffs and regional instability, its 2024 performance underscores a capacity to thrive amid adversity, setting the stage for what Okpala calls “a transformative leap” in 2025.
