VFD Group Plc has published its audited financial statement for the year ended December 31, 2024, reporting a pre-tax profit of N11.2 billion.
This represents a significant turnaround from the pre-tax loss of N1 billion recorded in 2023, largely driven by an increase in investment income.
Investment income grew by 97.95% YoY to N74.5 billion, compared to the N37.6 billion the previous year.
- This contributed to the 95% YoY growth in net interest income to N58.9 billion notwithstanding the surge in investment expenses amounting to N15.5 billion.
The group’s net revenue increased to N70.9 billion in 2024, compared to N37.3 billion in the previous year, reflecting an 89.84% rise.
- However, total expenses spiked from N13.4 billion to N22.1 billion, with other operating expenses constituting the bulk at N14 billion.
- Despite this, the group reported an operating profit of N48.8 billion, up 103.88% from N23.9 billion the previous year.
Nevertheless, finance costs increased to N37.5 billion from N25.3 billion in the prior year, majorly comprised of interest expenses.
Key highlights
- Investment and similar income: N74.5 billion, +97.95% YoY
- Investment expenses: N15.5 billion, +109.97% YoY
- Net investment income: N58.9 billion, +95% YoY
- Net revenue: N70.9 billion, +89.84% YoY
- Total expenses: N22.1 billion, +64.68% YoY
- Operating profit: N48.8 billion, +103.88% YoY
- Finance cost: N37.5 billion, +48.37% YoY
- Pre-tax profit: N11.2 billion, -1,201.81% YoY
As of April 2, 2025, VFD Group is trading at N51.90 with a year-to-date performance of 16.89%. In 2024, VFD Group reported a year-to-date performance of 9.41%.
