VFD Group Records N7.9bn Profit In Nine Months 2025

VFD Group Plc has reported a strong financial performance for the nine months ended September 30, 2025, with profit before tax rising 61.5% to N7.9 billion, compared to N4.9 billion in the same period of 2024.

Profit after tax also advanced by 48.5% to N6.6 billion, up from N4.4 billion recorded last year, driven largely by higher investment income and disciplined expense management.

Investment Income and Market Performance Power Earnings Growth

The Group’s gross earnings grew 34.9% year-on-year to N60.72 billion, reflecting stronger performance across investment portfolios and subsidiaries. Net investment income surged 44.7% to N45.65 billion, supported by improved yields and an expanded asset base.

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Gains on financial assets nearly doubled to N5.57 billion, lifted by favorable capital market trends and strategic portfolio repositioning. In addition, other income climbed 57.6% to N6.05 billion, buoyed by profits from investment properties and foreign exchange gains.

This top-line momentum translated into an impressive 65.8% growth in operating profit to N39.85 billion, underscoring the Group’s operational strength.

Margins Hold Firm Despite Rising Finance Costs

While finance costs rose 66.8% year-on-year to N31.93 billion, mainly due to higher borrowing expenses, VFD Group maintained robust margins through efficient cost control and revenue growth.

Total operating expenses increased moderately to N15.1 billion from N12.8 billion in 2024. The components included:

• Personnel expenses: N4.2 billion (+33.4% YoY)
• Other operating expenses: N9.2 billion (+19.5% YoY)
• Depreciation and amortisation: N1.5 billion (-14.98% YoY)

Despite these increases, the Group’s profitability remained solid, reflecting prudent financial management and strong performance across its investment ecosystem. Earnings per share rose to 64 kobo, compared to 45 kobo in Q3 2024.

Balance Sheet Strengthened by Retained Earnings and Equity Gains

VFD Group’s balance sheet remained resilient, with total assets expanding 29.7% year-to-date to N383.39 billion, up from N295.6 billion as of December 2024.

Shareholders’ equity improved to N71.50 billion, supported by N16.80 billion in retained earnings, N15.7 billion in share premiums, and N15.9 billion in other reserves. Non-controlling interest stood at N18.59 billion, underscoring the Group’s diversified investment holdings.

Liquidity also strengthened, with cash and cash equivalents increasing to N20.4 billion, positioning the Group for sustained growth in the coming quarters.