Dike Onwuamaeze
VFD Group Plc grew its gross earnings by 50 per cent from N6.65 billion to N9.95 billion in the financial year that ended December 31, 2021, and would reward its shareholders with a dividend of N10.78 per share.This was disclosed by the Group Managing Director and CEO of VFD Plc, Mr. Nonso Okpala, who said that the good financial showings attested to the continued headline growth from diverse income streams and resilience across all financial indicators, amidst macroeconomic headwinds during the year under review.
Other highlights of the financial report showed that the group’s interest income grew significantly by 99 per cent from N3.69 billion in 2020 to N7.33 billion while the trading and other non-interest income grew by 156 per cent from N4.01 billion to N10.26 billion during the year under review.
Moreover, the group’s shareholders’ funds also recorded 64 per cent growth from N8.92 billion to N14.64 billion while its total assets grew by 26 per cent from N81.68 billion to N102.82 billion in 2020.
However, the VFD’s Profit Before Tax decreased slightly by three per cent from N4.08 billion to N3.94 billion in 2020.
Based on the results, Okpala announced that VFD Group Plc has proposed “a final dividend of N10.78 per share with an additional bonus share for every two shares held by its shareholders. This is N2.3 per share higher than the dividend paid last year, thereby reaffirming the commitment made to its shareholders
to continuously grow wealth.”
He described “2021 was a difficult year for the group because we were forced to navigate the most difficult health and economic times in recent history.”
Regardless, VFD Group was able to weather the storm and deliver an impressive financial performance. We are confident that our diverse portfolios of investments, products, and services, as well as our people, have placed us in an excellent position to continue providing superior value to all our stakeholders.”
He pointed out that an assessment of strategic activities of the group in 2021 showed the significant strides it made towards additional capital raise, improved efficiency, and cross-border expansion activities.
Other significant accomplishments of VFD in the year, according to him, also included investment in Piggyvest and Cashpot as well as the establishment of three investment entities, namely Herel, Artsplit and Asfalizo Acquisition and its substantial investment in Venture Platforms. He added that the group also acquired five per cent stake in the Nigerian Exchange Group (NGX), Nigeria’s leading exchange business.
Okpala further noted that “as our cross-border expansion plans and strategic investment entities take shape in 2022, we expect the revenue base to be further expanded and strengthened to deliver positive results across all profitability metrics.”
