VFD Group Reports N5.19bn Profit in Q1 2026

VFD Group Plc announced its financial performance for the first quarter ending March 31, 2026, revealing a profit of N5.19 billion, which marks a 26% increase compared to previous periods. The group's unaudited financial statements indicate a 37% rise in consolidated gross earnings, totaling N27.07 billion.

The standalone performance showcased a doubling of profit before tax (PBT), soaring by 102% to N2.11 billion, reflecting the core earnings power of its investment activities. Nonso Okpala, the Group Managing Director, noted the significant efforts over the past two years to reshape the portfolio and recapitalize the balance sheet.

The results were attributed to aggressive capital raising and portfolio restructuring, with key drivers including a 27% increase in fee income to N23.99 billion. Folajimi Adeley, the Executive Director of Finance, mentioned that the group is entering Q2 with a stronger capital base and lower funding costs, anticipating further growth from the N50.4 billion rights issue.

The group aims to deepen its investment platform and enhance shareholder value through strategic investments in Nigeria, Ghana, and South Africa.