VFD Group Plc has announced a significant increase in its profit after tax, rising 96% year-on-year to N13.00 billion for the nine months ended September 30, 2026. This growth is up from N6.63 billion recorded in the corresponding period of 2025. The Group's unaudited financial results, approved by its Board of Directors, also revealed a 92% increase in profit before tax to N15.34 billion from N7.99 billion.
The strong earnings performance is attributed to growth in the Group's investment activities, improved operating efficiency, and the continued expansion of its financial asset portfolio. Gross earnings increased 35% to N81.88 billion from N60.72 billion. Earnings per share nearly doubled to 75 kobo from 38 kobo, while profit attributable to shareholders increased 97% to N9.52 billion. This highlights the improvement in earnings available to the Group's owners.
A breakdown of the results shows that net investment income, the Group's largest revenue contributor, rose 59% to N72.18 billion from N45.45 billion a year earlier. Net revenue increased 42% to N77.52 billion, while operating profit advanced 47% to N58.53 billion. The Group also recorded improvements in operating efficiency, with its cost-to-income ratio declining to 24.5% from 26.9%.
Impairment charges fell 44% to N1.29 billion, supporting the growth in operating profit. However, finance costs increased 36% to N43.33 billion, reflecting the cost of funding the Group's expanding investment portfolio. Despite the higher funding costs, profit before tax nearly doubled, demonstrating the strength of earnings growth during the period.
Total assets rose 30% to N577.64 billion as at September 30, 2026, from N445.81 billion at the end of December 2025. Investment in financial assets more than doubled to N217.08 billion, while funds under management increased 84% to N142.52 billion. Shareholders' funds also grew 87% to N130.02 billion, reflecting a stronger capital position.
At the parent company level, VFD Group Plc recorded a significant improvement in profitability, with profit after tax rising to N6.18 billion from N300 million in the corresponding period of 2025. Gross earnings increased 84% to N36.52 billion, while net investment income rose 123% to N32.53 billion. Profit before tax climbed to N7.23 billion from N350 million.
The improvement at both Group and parent company levels points to stronger earnings, although the sustainability of the performance will depend on investment returns, funding costs, and the Group's ability to deploy capital profitably. The results come as VFD Group continues to deploy the proceeds of its N50.67 billion rights issue to support its expansion strategy.
Key points
- VFD Group's profit after tax surged 96% to N13.00 billion for the nine months ended September 30, 2026.
- The Group's gross earnings increased 35% to N81.88 billion from N60.72 billion.
- Total assets rose 30% to N577.64 billion as at September 30, 2026.
