VFD Group Plc, a leading proprietary investment company in Lagos, at the 6th Annual General Meeting approved a dividend of N1.37 billion dividend to shareholders, representing 10.79 per share.
The company’s financial result for the year ended December 31, 2021, showed strong growth in gross earnings of 50% to N9.95 billion.
The result shows continued headline growth from diverse income streams and resilience across all financial indicators, amidst macroeconomic headwinds during the year under review.
Based on the results, VFD Group Plc had proposed a final dividend of N10.79 per share with an additional bonus share for every two shares held by its shareholders. This is N2.3 per share higher than the dividend paid last year, thereby reaffirming the commitment made to its shareholders to continuously grow wealth.
What the company is saying
- According to Nonso Okpala, GMD/CEO VFD Group, “2021 was a difficult year for the Group because we were forced to navigate the most difficult health and economic times in recent history. Regardless, VFD Group was able to weather the storm and deliver an impressive financial performance. We are confident that our diverse portfolio of investments, products, and services, as well as our people, have placed us in an excellent position to continue providing superior value to all our stakeholders.”
- An assessment of strategic activities in 2021 shows the significant strides made towards additional capital raise, improved efficiency, and cross-border expansion activities. Other significant accomplishments in the year include investment in Piggyvest and Cashpot; the establishment of three investment entities – HEREL, ARTSPLIT, and Asfalizo Acquisition; substantial investment in Venture Platforms, and lastly the acquisition of a 5% stake in the Nigerian Exchange Group (NGX), Nigeria’s leading exchange business.
- Okpala further noted that “as our cross-border expansion plans and strategic investment entities take shape in 2022, we expect the revenue base to be further expanded and strengthened to deliver positive results across all profitability metrics.”
Major highlights of the results include:
- Gross Earnings for the Group grew by 50% to N9.95 billion from N6.65 billion in 2020.
- Interest Income grew significantly by 99% to N7.3VDF3 billion from N3.69 billion in 2020.
- Trading and Other Non-Interest Income grew by 156% to N10.26 billion from N4.01 billion in 2020.
- Profit Before Tax dipped slightly by -3% to N3.94 billion from N4.08 billion in 2020.
- A 64% growth in Shareholders’ Funds to N14.64 billion from N8.92 billion in 2020.
- Total Assets growth of 26% to N102.82 billion from N81.68 billion in 2020.