VFD Group’s Nine-Month Profit After Tax Jumps 96% to ₦13bn as Earnings Strengthen
Gross earnings rise 35% to ₦81.88bn as Group expands investments, strengthens capital base and appoints first Deputy Managing Director.
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Source: UGC
VFD Group Plc (NGX: VFDGROUP) has reported a 96% year-on-year increase in profit after tax to ₦13.00 billion for the nine months ended September 30, 2026, up from ₦6.63 billion recorded in the corresponding period of 2025.
The Group’s unaudited financial results, approved by its Board of Directors, also showed that profit before tax rose 92% to ₦15.34 billion from ₦7.99 billion, while gross earnings increased 35% to ₦81.88 billion from ₦60.72 billion.
The strong earnings performance reflects growth in the Group’s investment activities, improved operating efficiency and the continued expansion of its financial asset portfolio.
Earnings per share nearly doubled to 75 kobo from 38 kobo, while profit attributable to shareholders increased 97% to ₦9.52 billion, highlighting the improvement in earnings available to the Group’s owners.
Investment Income Drives Earnings Growth
A breakdown of the results shows that net investment income, the Group’s largest revenue contributor, rose 59% to ₦72.18 billion from ₦45.45 billion a year earlier. Net revenue increased 42% to ₦77.52 billion, while operating profit advanced 47% to ₦58.53 billion.
The Group also recorded improvements in operating efficiency, with its cost-to-income ratio declining to 24.5% from 26.9%. Impairment charges fell 44% to ₦1.29 billion, supporting the growth in operating profit.
However, finance costs increased 36% to ₦43.33 billion, reflecting the cost of funding the Group’s expanding investment portfolio. Despite higher funding costs, profit before tax nearly doubled, demonstrating strong earnings growth during the period.
Total assets rose 30% to ₦577.64 billion as at September 30, 2026, from ₦445.81 billion at the end of December 2025. Investment in financial assets more than doubled to ₦217.08 billion, while funds under management increased 84% to ₦142.52 billion.
Shareholders’ funds also grew 87% to ₦130.02 billion, reflecting a stronger capital position as the Group continued to expand its investment activities.
Parent Company Profit Rises to ₦6.18bn
At the parent company level, VFD Group Plc recorded a significant improvement in profitability, with profit after tax rising to ₦6.18 billion from ₦300 million in the corresponding period of 2025.
Gross earnings increased 84% to ₦36.52 billion, while net investment income rose 123% to ₦32.53 billion. Profit before tax climbed to ₦7.23 billion from ₦350 million, and earnings per share increased to 49 kobo from two kobo.
The company’s shareholders’ funds rose 131% to ₦94.30 billion, while borrowings declined 14% to ₦108.02 billion. Its borrowings-to-equity ratio consequently fell to 1.1 times from 3.1 times at the beginning of the year.
The improvement at both Group and parent company levels points to stronger earnings, although the sustainability of the performance will depend on investment returns, funding costs and the Group’s ability to deploy capital profitably.
₦50.67bn Rights Issue Supports Expansion Strategy
The results come as VFD Group continues to deploy the proceeds of its ₦50.67 billion rights issue, raised to strengthen its capital base and support its growth strategy.
During the third quarter, the Group also raised ₦22.75 billion through an A1-rated commercial paper issuance, providing additional funding for its investment activities.
In another strategic development, the Securities and Exchange Commission approved Anchoria Capital Group as a capital market holding company, supporting the Group’s efforts to consolidate and expand its capital market operations.
Commenting on the results, Nonso Okpala, Group Managing Director and Chief Executive Officer of VFD Group Plc, said the near-doubling of profit after tax reflected stronger performance from the Group’s core investment activities, alongside efforts to strengthen its financial position and build a more sustainable business.
He said: “Our profit after tax has almost doubled, reflecting stronger performance from our core investment activities. Beyond the numbers, we have continued to strengthen the Group’s financial position, deploy the capital raised and build the leadership structure required to sustain our performance.
“The appointment of Mrs. Emezie-Ezigbo as our first Deputy Managing Director is an important milestone. It reinforces our commitment to building an institution with the leadership depth, governance and capacity to deliver sustainable value over the long term.”
VFD Group Appoints First Deputy Managing Director
In a move to strengthen executive leadership and succession planning, VFD Group appointed Mrs. Ijeoma Emezie-Ezigbo as Deputy Managing Director, effective October 5, 2026. She is the first person to occupy the position since the Group’s establishment.
Emezie-Ezigbo brings more than two decades of experience in corporate finance, mergers and acquisitions, transaction advisory and business valuation across West Africa and Canada.
Before her appointment, she served as Partner and Head of Transaction Services, West Africa, at KPMG Nigeria. She is a Fellow of the Institute of Chartered Accountants of Nigeria and an Associate of Chartered Professional Accountants of Ontario, Canada.
Her appointment forms part of the Group’s broader effort to strengthen governance, deepen its executive leadership and establish a structured succession framework across its businesses.
Focus Shifts to Sustainable Growth
Looking ahead, Folajimi Adeleye, Executive Director, Finance, VFD Group Plc, said the Group would focus on disciplined capital deployment, funding efficiency, leadership succession and the expansion of its capital markets business.
He noted that the rights issue had strengthened the parent company’s capital position, with shareholders’ funds increasing significantly and borrowings declining.
“As we enter the final quarter of the year, our priorities remain clear: deploy capital responsibly across our investment businesses, improve funding efficiency, strengthen leadership succession and continue expanding our capital markets operations through Anchoria Capital Group,” Adeleye said.
About VFD Group Plc
VFD Group Plc (NGX: VFDGROUP) is a principal investment company headquartered in Lagos, Nigeria. The Group invests across five business areas: Financial Services, Capital Market Operations, Real Estate and Hospitality, Market Infrastructure, and Retail Technology.
With investments in Nigeria, Ghana, and South Africa, VFD Group focuses on building and scaling businesses that deliver sustainable, long-term value to shareholders.
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Source: Legit.ng
