Shareholders of VFD Group Plc have commended the board and management of the financial services group for recording an impressive performance in 2018, in spite of the challenging macroeconomic and regulatory environment.
The commendation was given at the third Annual General Meeting (AGM) of the Group and first as a Public Limited Company held in Lagos at the weekend.
At the meeting, the shareholders also approved the financial results of VFD Group and payment of a cash dividend of N2.20k per ordinary share for the year ended December 31, 2018. This translated to a total amount of N251.5million.
Going by its audited accounts for last year, VFD Group’s profit before tax (PBT) rose by 1,034 per cent to N687.39 million as against the N60.62 million it was in the preceding year.
Its gross earnings grew by 394 per cent to N2.9 billion, from N445.01 million for the same period in 2017.
Commenting on the development and the financial results of the Group, Mr Segun Faloye, a shareholder expressed delight on the group’s dividend payment. According to him, “This is an excellent result achieved by VFD Group Plc and we are delighted with the performance of the board and management of the company”
Presenting his report, the Chairman of VFD Group, Mr. Olatunde Busari said, “In 2018, we focused on strengthening our corporate governance structure by the expansion of the board to 13 members and appointment of notable directors with requisite pedigree and experience to drive the long term objectives of the group.”
He also noted that, “the equity raised in December 2018 reflected investor confidence in the Group, its board of directors and growth trajectory.”
Also speaking at the AGM, the Group Chief Executive of VFD Group Plc, Mr. Nonso Okpala, said, “The group is poised to commence phase II (2019 – 2023) of its 13-year growth strategy, wherein the group will focus on gaining significant investment in a commercial bank and insurance company, whilst significantly growing total shareholders’ funds to N100 billion and listing the group on the Nigerian Stock Exchange.”
VFD Group is a financial services focused proprietary investment company with interests in Microfinance Banking, currency exchange, Asset Management, Real estate and international remittance.