• Companies
  • Updated: May 26, 2023

VFD Records N8.8 Billion Profit

VFD Records N8.8 Billion Profit

For the 2022 financial year, VFD Group Plc has recorded a profit before tax of N8.8 billion.

VFD Group Managing Director, Nonso Okpala, disclosed this while addressing shareholders during its 7th Annual General Meeting, held in Lagos.

“Our strong operating performance in 2022 has been driven by several of our portfolio companies, each of which has generated strong returns in an uncertain operating environment and fits well together.

“The Group’s gross earnings in 2022 was N33.9 billion, an 88% increase from N18.0 billion the previous year. Profit Before Tax (PBT) for 2022 was N8.8 billion, a 125% increase over the previous year’s N3.9 billion", he said.

The shareholders at the meeting also approved all the ordinary and special business resolutions put before them at the meeting, while commending the Board and Management for the improved performance recorded in the financial year ended December 31, 2022, despite the difficult operating environment.

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