VFD Group Plc has reported a pre-tax profit of N4.1 billion for the first quarter ended 31 March 2025, representing a 35.45% increase from N3.04 billion in the same period of 2024.
The rise in pre-tax profit was mainly driven by a 47.63% increase in investment income, which grew to N18.6 billion, largely from interest on loans, placements, and real estate investments.
During the same period, the Group recorded investment expenses of N703.6 million, primarily driven by ‘subcontracting costs for haulage and logistics’, which amounted to N595.8 million.
Other income stood at N603.3 million, a 76.59% decline from the prior year, with N265.2 million categorized under “others” and N260.5 million attributed to exchange gains.
- However, net revenue for Q1 2025 increased by 26.75% to N18.6 billion, compared to N14.7 billion in the first quarter of 2024.
Total expenses—including personnel costs, operating expenses, and depreciation and amortization—rose by 20.51% to N4.7 billion, up from N3.9 billion in the same period last year.
- Nevertheless, operating profit was reported at N13.9 billion, reflecting a 29.03% year-on-year increase.
Less favorably, finance costs, primarily related to borrowings, increased by 24.75% to N9.8 billion. After accounting for these expenses, the Group’s pre-tax profit stood at N4.1 billion.
- As of the end of the quarter, total assets were valued at N320.6 billion, an 8.44% increase year-over-year.
- Retained earnings grew by 64.02% to reach N17.8 billion.
Highlights:
- Investment income: N18.69 billion, +47.63% YoY
- Net investment income: N17.9 billion, +42.07% YoY
- Other income: N603.3 million, -76.59% YoY
- Net revenue: N18.6 billion, +26.75% YoY
- Total expenses: N4.7 billion, +20.51% YoY
- Operating profit: N13.9 billion, +29.03% YoY
- Finance cost: N9.8 billion, +24.75% YoY
- Pre-tax profit: N4.1 billion, +35.45% YoY
- Total assets: N320.6 billion, +8.44% YoY
As of the close of trade on Friday, 2 May 2025, shares of the company were priced at N17.90, with a year-to-date gain of 142%.
