Sustained growth amidst macroeconomic headwinds
VFD Group has released its unaudited financial statements for the period ended 30th June 2023 (Q2 2023). The Group’s result shows consistent growth and outstanding performance on all key financial indicators. Leveraging its clear strategy of building a diverse investment ecosystem, the Group is well poised to continue delivering strong results and superior value to its stakeholders on the way to building Africa’s first truly diverse ecosystem.
Group Financial Highlights
- Gross Earnings: N19.0 billion in Q2 2023, compared to N10.4 billion in Q2 2022 (83% growth YoY)
- Profit Before Tax: N3.8 billion in Q2 2023, compared to N2.7 billion in Q2 2022 (38% growth YoY)
- Total Assets: up to N203.1 billion in Q2 2023, from N149.1 billion in Q2 2022 (36% growth YoY)
- Total Liabilities: N166.7 billion in Q2 2023, compared to N117.6 billion in Q2 2022 (42% growth YoY)
- Shareholder’s Fund: N28.5 billion in Q2 2023, up from N24.8 billion in Q2 2022 (15% growth YoY)
- Earnings per Share: N19.80 in Q2 2023, up from N14.34 in Q2 2022
Commenting on the results, the GMD/CEO, Nonso Okpala, said:
“Given the current economic headwind, our half-year result reflects the viability of our business model, and a dedication to execution within the Group. This has led to a pre-tax profit of N3.8bn, a remarkable year-on-year growth of 38%.
Looking ahead, we remain committed to harnessing the potential of our investment ecosystem to drive efficiency, boost revenue, enhance profitability, and ultimately maximize shareholders’ value.”
Also speaking on the results, the Executive Director of Finance, John Okonkwo, said:
“We are pleased to report that our gross earnings for Q2 2023 increased by 81% to N18.8 billion, from N10.4 billion in Q2 2022. This was driven by exceptional performance of our real estate portfolio investment, higher interest earnings from placements, growth in dividend received from our investments and revaluation gain.
In the face of a challenging economic and business landscape, we are committed to actively seeking out opportunities to optimize costs and enhance our balance sheet efficiency, ensuring a resilient and thriving financial future for the Group.”
The detailed Balance Sheet, Profit or Loss Account, Cash Flow Statement, and Notes to the Accounts can be found at https://vfdgroup.com/investor-information/
More information can be found at: https://vfdgroup.com/
For further inquiries:
VFD Group Investor Relations
investor-relations@vfdgroup.com
