Business and Economy

VFD GROUP PLC Grows gross earnings by 43% growth YoY to N10.6b as at Q3 2022

VFD Group has released its unaudited financial statements for the period ended 30th September 2022 (Q3 2022). The Group’s result shows consistent growth and outstanding performance on all key financial indicators. Leveraging its clear strategy and management guidance, 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: N10.6 billion as at Q3 2022, compared to N7.4 billion as at Q3 2021 (43% growth YoY)

§  Operating Expenses: N5.7 billion as at Q3 2022, up from N3.8 billion as at Q3 2021 (49% growth YoY)

§  Profit Before Tax: N5.1 billion as at Q3 2022, compared to N3.7 billion as at Q3 2021 (37% growth YoY)

§  Total Assets: up to N165.5 billion as at Q3 2022, from N88.2 billion as at Q3 2021 (88% growth YoY)

§  Total Liabilities: N141.8 billion as at Q3 2022, compared to N77.2 billion as at Q3 2021 (84% growth YoY)

§  Shareholder’s Fund: N23.7 billion as at Q3 2022, up from N11.0 billion as at Q3 2021 (115% growth YoY)

§  Earnings per Share: down to N28.20 as at Q3 2022, compared to N36.43 as at Q3 2021

Commenting on the results, the MD/CEO Nonso Okpala said:

“The business environment for the period we operated in has been challenging, with rising inflation, FX instability, and a slow pace of economic growth with a global recession on the horizon. 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%.

Going forward, we will continue to take advantage of the opportunities provided by a continually changing economic environment and leverage our ecosystem to promote efficiency, increase revenue and profitability, and ultimately maximize shareholders’ wealth.”

Also speaking on the results, the Executive Director of Finance Folajimi Adeleye said:

“We generated gross earnings of N10.6 billion as at Q3 2022, a 43% 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.”

Financial Summary

Balance Sheet (N’000)Q3 2022Q3 2021Change
Total Asset165,494,21288,206,74588%
Total Liability141,784,12377,198,37084%
Shareholder’s Funds23,710,08911,008,374115%
Income Statement (N’000)Q3 2022Q3 2021Change
Interest Income13,521,0605,120,668164%
Investment Income2,785,2854,020,623-31%
Interest Expense(10,606,911)(2,254,071)371%
Net Interest Income5,699,4356,887,220-17%
Fees Income1,498,023774,72793%
Fees Expense(2,188,287)(670,493)226%
Net Fees Income(690,264)104,234-762%
Other Income5,566,941385,2071345%
Operating Income10,576,1117,376,66143%
Operating Expenses(5,733,935)(3,843,221)49%
Profit before Tax5,058,1913,693,01137%

The detailed Balance Sheet, Profit or Loss Account, Cash flow statement, and Notes to the Accounts can be found at

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