HEREL Limited, VFD Group’s premium real estate and hospitality subsidiary, emerged as the company’s most profitable unit in FY2025, delivering a pre-tax profit of N5.8 billion.
This accounted for 41% of the group’s total pre-tax profit of N14.1 billion, ahead of Anchoria Asset Management’s N2.6 billion, VFD Tech’s N1.29 billion, and VFD Microfinance Bank’s N1.15 billion.
The strong performance was driven by operating income of N11.9 billion, which, after expenses of N6.1 billion, resulted in a pre-tax profit of N5.8 billion and a post-tax profit of N3.8 billion.
Hence, VFD Group has increased its stake in HEREL Limited to 85% in 2025 from 82% in 2024, reflecting rising confidence as the subsidiary’s book value grew to N28.1 billion from N21.4 billion.
HEREL Limited is a Nigerian real estate and hospitality-focused company and a subsidiary of VFD Group Plc, operating within the group’s broader investment ecosystem.
What the company’s books are saying
A closer look at VFD’s broader portfolio shows total subsidiary value rising by 28.24% to N39.1 billion, from N30.5 billion, with eight subsidiaries domiciled in Nigeria and one in Ghana.
- Within the group structure, HEREL Limited stood out as the dominant contributor, accounting for N28.1 billion or 72% of the combined value of all subsidiaries.
- After HEREL Limited, valued at N28.1 billion, the next most valuable subsidiary in VFD Group’s portfolio is VFD Microfinance Bank Limited at N6.5 billion.
- It is followed by VFD Ghana Limited, valued at N2.1 billion, and VFD Tech Limited at N1.25 billion.
- Anchoria Asset Management Limited comes next at about N500.1 million, alongside Template Limited (N200 million) and other smaller subsidiaries that collectively support the group’s wider value base.
Notably, only VFD Ghana Limited operates outside Nigeria, with the group holding a 63% stake as its value rose from N1.5 billion in 2024 to N2.1 billion in 2025.
On performance, HEREL Limited recorded operating income of N11.9 billion, while VFD Microfinance Bank led with N13.4 billion, although higher expenses within the microfinance bank significantly narrowed its profitability.
- Hence, HEREL delivered the strongest pretax profit at N5.8 billion.
More insights
HEREL Limited is VFD Group’s premium real estate and hospitality subsidiary, focused on developing, managing, and investing in high-end real estate assets and hospitality-related services.
- The company typically earns revenue through property development, leasing residential and commercial spaces, facility management, and income from hospitality operations tied to its real estate assets.
- Its business model is driven by asset value appreciation and recurring rental or service income, allowing it to generate both stable cash flows and capital gains over time.
With its growing book value and rising contribution to group profits, HEREL has become a key value driver within VFD Group’s diversified investment portfolio.
What you should know
In 2025, VFD’s earnings per share rose to 95 kobo from 82 kobo, while the board declared a final dividend of 25 kobo per share, payable on May 25, 2026.
- In early March 2026, VFD Group announced that it successfully raised N27.2 billion through its Series 1 Commercial Paper issuance under its N50 billion programme, driven by strong investor demand and an 81% oversubscription of the initial offer.
- On the Nigerian Exchange, VFD Group shares are up 1.82% year-to-date as of mid-trading on 14 April 2026, with the stock currently priced at N11.20.
