VFD Group’s full-year earnings drop to N1.1bn
Written by Olakunle Oke on February 29, 2024
FD Group Plc, a proprietary investment company in Nigeria, has recorded an 84.7 percent decline in its after-tax profit for 2023, according to its latest unaudited financial statement.
In the statement, the company’s after-tax profit was N1.08 billion, down from N7.09 billion in 2022. Earnings per share-basic totalled N5.69, down from N37.32 in 2022.
Other income also saw a decline of 67 percent to N4.29 billion primarily due to a reduction in fair value gains on investment property, totalling N393.4 million, compared to N8.11 billion in 2022.
Conversely, foreign exchange gains surged to N1.34 billion from N912 million in the previous year. Gross earnings were up by 23.8 to N41.84 billion from N33.80 billion.
Net investment income also saw an increase, reaching N8.92 billion, compared to N5.43 billion. However, net revenue experienced a decline of N13.89 billion from N18.47 billion.
ersonnel expenses rose by 8.7 percent to N2.76 billion from N2.54 billion, while other operating expenses increased to N8.56 billion from N6.22 billion.
Total assets increased to N239.99 billion from N149.11 billion. Net cash generated by/(used in) operating activities recorded positive to N12.19 billion from a negative of N14.17 billion.
Net cash (used in) investing activities recorded a negative of N9.03 billion from a negative of N13.91 billion.
However, net cash (used in)/generated by financing activities decreased to N15.99 billion from N27.10 billion.
Cash and cash equivalents at the end of the fiscal year surged by 662.6 percent to N22.04 billion from N2.89 billion.
Last year, VFD Group received approval to list its shares on the Nigerian Exchange Limited. It was officially listed on Friday, October 6, at N269.30 per share.
The Group voluntarily delisted its 190 million shares previously traded on the NASD Securities Exchange to be quoted on NGX.
The listing of VFD Group’s shares added over N45 billion to the market capitalisation of NGX, further boosting liquidity in the Nigerian capital market and providing opportunities for wealth creation.
VFD Group is a proprietary investment company that builds positive and socially conscious ecosystems by aggregating potentially viable businesses to create innovative products and solutions accessible to the everyday Nigerian citizen and entrepreneur.
Source: Jordan 105fm News Bulletin
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