VFD Group Plc has reported a 96% increase in profit after tax to N13 billion for the nine months ended September 30, 2026, compared with N6.63 billion recorded in the corresponding period of 2025.
The investment company disclosed this in its unaudited financial statements, which showed that gross earnings increased by 34.8% to N81.88 billion from N60.72 billion a year earlier.
Profit before tax rose by 91.9% to N15.34 billion from N7.99 billion, supported by higher investment income and improved operating performance.
Investment and similar income increased by 52.6% to N75.11 billion from N49.23 billion, while investment-related expenses declined by 22.3% to N2.94 billion from N3.78 billion.
The improvement pushed net investment income up by 58.8% to N72.18 billion, compared with N45.45 billion in the corresponding period of 2025.
However, other income declined marginally to N5.59 billion from N5.83 billion, while net gains on financial assets measured at fair value through profit or loss dropped to N1.04 billion from N5.58 billion.
Despite the decline in these income streams, net revenue increased by 42.1% to N77.52 billion from N54.54 billion.
The company’s impairment charges on financial assets also declined by 44.2% to N1.29 billion from N2.32 billion, providing additional support for profitability.
Operating expenses, however, increased by 29.2% to N18.98 billion from N14.69 billion, with personnel expenses rising to N6.37 billion from N4.25 billion.
Other operating expenses also increased to N11.10 billion from N8.86 billion.
VFD Group consequently recorded a 46.9% increase in operating profit before income tax and finance costs to N58.53 billion from N39.85 billion.
Finance costs rose by 35.7% to N43.33 billion from N31.94 billion, absorbing a substantial portion of operating earnings.
Nevertheless, the company maintained strong profit growth, with earnings attributable to shareholders of the parent company increasing to N9.52 billion from N4.84 billion.
Basic earnings per share rose to 75 kobo from 38 kobo in the corresponding period of 2025.
Meanwhile, VFD Group’s total assets increased by 29.6% to N577.64 billion as of September 30, 2026, compared with N445.81 billion at the end of December 2025.
Investment in financial assets more than doubled to N217.08 billion from N98.70 billion, while funds under management on the asset side increased to N142.52 billion from N77.35 billion.
Loans and advances also increased by 24.9% to N32.79 billion from N26.25 billion.
Total shareholders’ funds rose by 86.8% to N130.02 billion from N69.62 billion, supported by increases in share capital, share premium and other reserves.
However, borrowings increased to N169.62 billion from N123.86 billion, while cash and cash equivalents declined to N33.64 billion from N79.47 billion.
The results showed stronger earnings and an expanding investment portfolio, although higher financing costs and reduced cash holdings remained notable features of the group’s financial performance.
