The first quarter 2024 financial statements of VFD Group Plc, a prominent private investment company, reveal a notable improvement in the company’s financial parameters.
Sales for the same period in 2023 was N6.6 billion, but the corporation recorded N15.3 billion in sales.
This rise in sales suggests that the company’s capacity to turn a profit is trending upward. Significant rise was also seen in net investment income, which increased from N611 million in Q1 2023 to N4.8 billion.
In addition, other income rose from N1.4 billion to N2.6 billion, indicating the company’s variety of revenue sources.
VFD Group Plc achieved a profit before tax of N3.04 billion in Q1 2024, significantly up from N220 million in Q1 2023. Net profit also saw a remarkable increase, reaching N2.62 billion from N220 million in the previous year.
This growth in net profit, despite rising expenses, indicates effective cost management and operational efficiency in a challenging operating environment.
Read Also: VFD Group Plc Eyes N53.545 Billion Gross Earnings in 2025
Key Highlights of the Results
Income Statement Analysis
Gross Earnings: N15.35 billion (Q1 2024) vs N6.61 billion (Q1 2023) +132%
Net Investment Income: N4.8 billion (Q1 2024) vs N611 million (Q1 2023) +685%
Other Income: N2.6 billion (Q1 2024) vs N1.39 billion (Q1 2023) +86%
Operating Expenses: N3.94 billion (Q1 2024) vs N2.08 billion (Q1 2023) +90%
Profit Before Tax: N3.04 billion (Q1 2024) vs N220 million (Q1 2023) +1280%
Net Profit: N2.62 billion (Q1 2024) vs N220 million (Q1 2023) +1090%
EPS: N10.34 (Q1 2024) vs N1.16 (Q1 2023) +790%
Read Also: NGX gains 0.07% during a calm day of trade.
Balance Sheet Analysis
Total Assets: N261.91 billion (Q1 2024) vs N219.28 billion (Q4 2023) +19%
Total Liabilities: N221.38 billion (Q1 2024) vs N186.75 billion (Q4 2023) +19%
Shareholders’ Equity: N40.53 billion (Q1 2024) vs N32.53 billion (Q4 2023) +25%
Retained Earnings: N12.89 billion (Q1 2024) vs N4.9 billion (Q4 2023) +163%
