The news:
- VFD Group posted a pre-tax profit of ₦11.2 billion for the 2024 financial year, a 1202% increase from a ₦1 billion loss in 2023.
- Net revenue surged by 90% to ₦71.0 billion, driven by a 98% rise in investment and similar income.
- Operating profit doubled to ₦48.8 billion, reflecting enhanced operational efficiency. Meanwhile, the company’s market capitalisation grew by 116% to ₦121.6 billion as of April 22, 2025.
VFD Group Plc has announced a remarkable turnaround for the 2024 fiscal year, reporting a pre-tax profit of ₦11.2 billion, a significant recovery from the ₦1 billion loss it incurred in 2023. This performance underscores the company’s strategic initiatives and resilience in navigating a challenging economic landscape.
The group’s net revenue experienced a 90% increase, reaching ₦71.0 billion, primarily driven by a 98% rise in investment and similar income, which amounted to ₦74.6 billion. Net investment income also saw a substantial growth of 95%, totalling ₦59.0 billion, despite a rise in investment expenses to ₦15.5 billion from ₦7.4 billion in the previous year.
Operating profit more than doubled to ₦48.8 billion, reflecting the company’s effective cost management and operational improvements. This operational efficiency contributed to an operating profit margin of 58.22%.
The positive financial results were mirrored in the capital markets, with VFD Group’s market capitalisation increasing by 116% to ₦121.6 billion as of April 22, 2025. This surge indicates strong investor confidence in the company’s strategic direction and growth prospects.
Looking ahead, VFD Group remains committed to delivering exceptional value to its customers, shareholders, and stakeholders.
The company, which has previously invested in Nigerian startups, Verify Me and PiggyVest, says it plans to continue leveraging technology and strategic partnerships to drive growth while maintaining a disciplined approach to risk and capital management. In February 2025, it announced a ₦5 billion capital injection into V Bank, its microfinance bank.
These outstanding results reflect the success of VFD Group’s strategic focus on innovation and disciplined execution, positioning it for sustained growth in the competitive financial services sector.
