VFD Group has paid a dividend of N8.51 to it’s numerous shareholders up from N3.30 declared in 2019.
This was disclosed by the group at it’s 5th Annual General Meeting held on Monday at the Radisson Blu Hotel, Lagos.
At the meeting, the Chairman, VFD Group, Olatunde Busari, SAN, explained that despite the adverse effect of the COVID-19 pandemic on the economy, VFD Group expanded its business focus into industries and sectors that allowed it to build a strong financial service franchise.
He said, “During the year 2020, the group finalized the acquisition of a significant stake in Anchoria Investment Securities Limited and Atiat Insurance Brokers Limited.
“The goal in 2021 would be to build the route to becoming a commercially viable proprietary investment company.”
Group Managing Director, VFD, Mr. Nonso Okpala, said, “The operational gains in the treasury and fixed income markets translated to a successful financial year in 2020.
“Some of the factors that contributed to the landmark performance which include; investment income from its Eurobond portfolio, interest income from lending activities, earnings from other subsidiaries, and FX valuation gain.”
Highlights of the result
- The company grew its gross revenue by 96% from N3.4 billion recorded in 2019 to N6.7 billion in 2020.
- Profit before tax increased by 173% to N4.1 billion in 2020 from N1.5 billion recorded in the previous year.
- The company’s total assets also surged by 85% to stand at N81.7 billion as of the end of 2020.
- Customer deposit moved from N600 million to N6.6 billion in 2020
- The firm’s profit after tax stood at N3.35 billion for the period under review. This represents a 170.2% increase compared to N1.24 billion recorded in 2019.
- The Directors also recommended to the Shareholders, the payment of a dividend of N8.51K per share for the financial period of 2020, compared to N3.30 paid in the previous year.
What shareholders are saying
A shareholder at the event, Karen Abah, commended the group for paying an N8.50k dividend per share despite the challenging environment in 2020.
She said, “I am optimistic that 2021 would see better performance in FY 2020. I am delighted about the performance of the company and sure that it would pay more as dividend in 2021.”
The Chief Financial Officer (CFO), Mr. Folaji Adeleye, said the focus for 2021 will be effective risk management and cost efficiency, to ensure that the operations of the group remain seamless and stable.
About VFD Group Plc:
VFD Group Plc is a proprietary investment company with a vision to be a commercially viable investment company with global influence focused on building positive and socially conscious ecosystems. The Group has an investment interest in banking, real estate, technology, hospitality, leasing, financial advisory, remittance and asset management.
The Company was incorporated with the Corporate Affairs Commission (CAC) on 7th July 2009 and commenced business operations the same year.