VFD Group Plc has reported a 27 per cent increase in gross earnings to N19.8bn for the first quarter ended March 31, 2025, compared to N15.3bn in the same period of 2024.
The unaudited financial statement filed with the Nigerian Exchange showed that investment and similar income grew by 48 per cent to N18.7bn from N12.7bn recorded in the corresponding quarter of 2024.
The Group earned N603.3m as other income during the quarter under review, down from N2.6bn in the first quarter of 2024.
Investment and similar expenses stood at N703.6m in Q1 2025, compared to N607.9m in the previous year.
Net revenue rose to N18.7bn from N14.7bn. Personnel expenses increased to N1.2bn from N853.6m, while other operating expenses rose to N3.0bn from N2.5bn. Depreciation and amortisation stood at N467.3m, up from N483.1m.
Profit before tax increased to N4.1bn from N3.0bn, while profit after tax rose to N3.5bn from N2.6bn, indicating a 36 per cent growth.
Total comprehensive income for the period was N6.1bn, up from N2.3bn. Fair value gains on equity securities amounted to N1.8bn, while foreign currency translation gains stood at N779.0m.
Earnings per share (basic and diluted) rose to 219 kobo from 149 kobo.
Total assets increased by 8 per cent to N320.6bn from N295.7bn as at 31 December 2024. Cash and cash equivalents rose to N21.8bn from N13.3bn, while funds under management increased to N63.7bn from N49.4bn. Investment property rose to N32.1bn from N24.8bn.
Loans and advances declined to N32.8bn from N62.3bn. Goodwill dropped to N1.4bn from N5.5bn.
Total liabilities rose to N256.2bn from N237.1bn. Borrowings increased to N124.7bn from N121.4bn. Other liabilities rose to N29.9bn from N25.2bn.
Shareholders’ funds stood at N64.4bn, compared to N58.5bn as of December 2024. Equity attributable to the parent company was N49.6bn, while non-controlling interest stood at N14.8bn.
The PUNCH reported that VFD Group Plc has reported a profit of N10.4bn for the year ended December 31, 2024, marking a recovery from a loss of N750.4m recorded in the previous year.