VFD Group Plc has released its unaudited third quarter financial statements for the period ended 30th September 2022, recording . gross earnings of N10.6 billion compared to N7.4 billion that was recorded as at third quarter 2021, which is 43% growth year on year.
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.
Other highlights of the financial statements shows that operating expenses stood at N5.7 billion , up from N3.8 billion in 2021. Profit before tax was up by 37% to N5.1 billion compared to N3.7 billion in 2021.
Total assets, up to N165.5 billion from N88.2 billion in 2021. Total liabilities, stood at N141.8 billion, compared to N77.2 billion in 2021. Shareholder’s Fund stood at N23.7 billion up from N11.0 billion in 2021. Earnings per Share: down to N28.20 compared to N36.43 in 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.”
