VFD Group Plc has reported a 27 percent increase in gross earnings, reaching N19.8 billion for the first quarter ending March 31, 2025, compared to N15.3 billion in the same period of 2024. The unaudited financial statement, which was filed with the Nigerian Exchange, reveals strong performance, particularly in investment and similar income, which surged by 48 percent to N18.7 billion, up from N12.7 billion recorded in the corresponding quarter of 2024.
Despite the overall growth, the group saw a significant decline in other income, which dropped to N603.3 million from N2.6 billion in Q1 2024. Investment and similar expenses also increased, standing at N703.6 million for the period, compared to N607.9 million in the previous year.
Net revenue for the quarter rose to N18.7 billion from N14.7 billion in the same period last year. The group’s personnel expenses increased to N1.2 billion, up from N853.6 million, while other operating expenses also grew to N3.0 billion from N2.5 billion. Depreciation and amortization costs were slightly lower at N467.3 million, compared to N483.1 million in the previous year.
Profit before tax climbed to N4.1 billion, reflecting an increase from N3.0 billion, while profit after tax also showed a notable 36 percent growth, rising to N3.5 billion from N2.6 billion in Q1 2024. The total comprehensive income for the period stood at N6.1 billion, a significant improvement from N2.3 billion last year, bolstered by fair value gains on equity securities amounting to N1.8 billion and foreign currency translation gains of N779.0 million.
Earnings per share (both basic and diluted) increased to 219 kobo, up from 149 kobo in the same period of the previous year.
The group’s total assets grew by 8 percent, reaching N320.6 billion from N295.7 billion at the end of December 2024. Cash and cash equivalents also showed a substantial rise, increasing to N21.8 billion from N13.3 billion. Funds under management expanded to N63.7 billion, up from N49.4 billion, and investment properties rose to N32.1 billion from N24.8 billion.
However, loans and advances dropped significantly to N32.8 billion from N62.3 billion, while goodwill saw a sharp decline, falling to N1.4 billion from N5.5 billion.
On the liabilities side, total liabilities rose to N256.2 billion from N237.1 billion, with borrowings increasing slightly to N124.7 billion from N121.4 billion. Other liabilities also grew to N29.9 billion from N25.2 billion.
Shareholders’ funds stood at N64.4 billion, a notable rise from N58.5 billion in December 2024. Equity attributable to the parent company amounted to N49.6 billion, while non-controlling interest stood at N14.8 billion.
For the full year, VFD Group Plc reported a profit of N10.4 billion for the year ending December 31, 2024, marking a strong recovery from the loss of N750.4 million recorded in the previous year. This recovery underscores the group’s resilience and continued growth trajectory despite the challenging economic environment.