VFD Group Plc has announced a solid performance for the first half of 2025, reporting a ₦6.03 billion pretax profit for the six months ended June 30, almost 80% higher than the ₦3.3 billion recorded in the same period of 2024.
The strong results were powered by a surge in investment income, which climbed 49.5% year-on-year to ₦37.5 billion from ₦25.1 billion. Key contributors included interest from placements (₦9.6 billion), investment income (₦6.6 billion), interest on loans and advances (₦6.2 billion), and interest from investment logistics (₦5.6 billion).
Despite a corresponding rise in expenses, VFD maintained a healthy margin. Operating expenses rose to ₦10.7 billion, up from ₦9.6 billion in 2024, while net investment income closed at ₦35.6 billion. This pushed operating profit to ₦27.1 billion, representing a 64% growth from the ₦16.5 billion achieved in the previous year.
Finance costs, largely tied to borrowings, grew sharply by 60% to ₦21.1 billion, partially weighing on the bottom line. Nevertheless, net profit after tax still nearly doubled to ₦5.0 billion, compared to ₦2.5 billion in H1 2024.
Commenting on the results, VFD Group’s Chief Executive Officer, Nonso Okpala, said the performance reflected the group’s commitment to disciplined portfolio management and strategic execution.
“Our first half performance reflects deliberate strategic moves, disciplined portfolio management, improved group-wide efficiency, and focused capital deployment,” Okpala said.
“As we move forward, we remain guided by our North Star strategy—a clear path toward continental expansion, deeper institutional capabilities, and market leadership.”
Key Highlights (H1 2025 vs H1 2024)
- Gross earnings: ₦41.1bn (+44%)
- Net investment income: ₦35.6bn (+50%)
- Net revenue: ₦37.9bn (+45%)
- Total expenses: ₦10.7bn (+12%)
- Operating profit: ₦27.1bn (+64%)
- Finance cost: ₦21.1bn (+60%)
- Pretax profit: ₦6.0bn (+80%)
On the capital market side, VFD Group’s shares have gained 63.5% year-to-date on the Nigerian Exchange (NGX), closing at ₦12.10 per share as of August 11, 2025.
The results signal resilience amid rising finance costs, with analysts noting that VFD’s ability to sustain earnings growth while expanding across the continent will be closely watched in the second half of the year.