VFD Group reports N5.1bn profit in Q3 2022

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Amidst macroeconomic headwinds, VFD Group announced that its profit before tax (PBT) grew to N5.1 billion in the third quarter (Q3) of 2022.This means that the group’s profit rose by 37 per cent having recorded N3.7 billion in 2021.According to the company’s unaudited financial statements for the period ended 30th September 2022 (Q3 2022), its gross earnings grew by 43 per cent from N7.4 billion recorded in 2021 to N10.6 billion in 2022.In the same vein, shareholders’ funds increased to N23.7 billion from N11 billion while earnings per share stood at N28.20.Commenting on the results, the Managing Director /CEO, Nonso Okpala, said that despite the economic headwinds, VFD Group showed outstanding resilience and delivered a profit before tax of N5.1 billion, signifying a year-on-year growth of 37 per cent.Okpala noted that the company will continue to take advantage of the opportunities provided by a continually changing economic environment, leveraging its ecosystem to promote efficiency, increase revenue and profitability and ultimately maximise shareholders’ wealth.Also speaking on the results, the Executive Director, of Finance at VFD Group, Folajimi Adeleye said: “We generated gross earnings of N10.6 billion as at Q3 2022, a 43 percent YoY increase from N7.4 billion as at Q3 2021. The growth in our income can be attributed to growth in our interest-bearing assets. As we approach year-end, we would continue to intensify measures to mitigate the impact of high inflation and promote better balance sheet efficiency by reducing our cost of funds, expanding our treasury trading activities, whilst seeking out ways to optimize cost.” •



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