VFD Group to Pay Shareholders N7.89 per Share for 2022 Financial Year

Kayode Tokede

VFD Group Plc yesterday announced that its shareholders at its Annual General Meeting (AGM) in Lagos have approved a final dividend of N7.89kobo per share.

The dividend payout, amounting to a total of N1.5 billion, reflects an increase of 9.7per cent compared to the N1.36 billion payout in the previous financial year.

VFD Group has consistently paid dividends to its shareholders over the last five years, unequivocally reaffirming the group’s unwavering dedication to growing the wealth of its esteemed shareholders.

The recently released financial results unveiled a remarkable growth trajectory in both gross earnings and profit before tax, highlighting the Group’s unwavering resilience amidst a challenging business landscape.

A closer analysis of the full year 2022 report indicated that the remarkable growth in gross earnings can be attributed to significant growth of 190per cent in Placement and Investment Income.

Commenting on the financial results, the Group Managing Director/CEO of VFD Group, Nonso Okpala, expressed his satisfaction, stating, “We are pleased with our financial results for the year, which demonstrates the strength of our business model and quality of our investments.

“We remain optimistic about the future, and while we understand that past successes have a role in telling our story, we would rather look forward to new victories.”

Looking ahead to the year 2023, VFD Group aims to intensify efforts in fostering exceptional cross-selling and collaboration among its investee companies, thereby potentially accelerating growth. Furthermore, the Group plans to explore opportunities for geographical expansion, paving the way for exciting prospects and creating footprints in new markets.

Key highlights from the report revealed that its Profit Before Tax grew exponentially by 125 per cent to N8.8 billion from N3.9 billion in 2021, driven by 87 per cent increase in gross earnings to N33.8billion in 2022 from N18.1billion reported in 2021.

Also, investment and similar income grew by 54 per cent to N17.7 billion from N11.5 billion in 2021 as other income grew significantly by 105 per cent to N13.0 billion from N6.6 billion in 2021.

The group closed total assets at N149.1 billion in 2022, an increase of 45 per cent from N102.8 billion in 2021.