June 1, 2021

VFD Group targets cross border expansion to boost stakeholders’ earnings

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By Peter Egwuatu

VFD Group Plc has disclosed that its target in the years ahead is to have cross border expansion and investment in new industries in order to enhance stakeholders’ earnings.
The Chairman, VFD Group, Olatunde Busari stated this during the Company’s 5th Annual General Meeting, AGM held in Lagos on Monday, stressing that their shareholders were happy with their performance in 2020 and the N8.51 per share dividend for the financial year ended December 31, 2020 approved despite the coronavirus. COVID-19 pandemic and economic headwinds during the period.
He said: “Looking ahead to our priorities for 2021 we will continue with our progress towards becoming a commercially viable proprietary investment company with global influence focused on building positive and socially conscious ecosystem. Hence, cross border expansion, investment in new industries that aggregate service offerings of our existing portfolio companies and collaborations that will result to increased earnings for all our stakeholders shall we pursue in the years ahead.”
Continuing the Chairman noted : “ As the world adjusts to the new realities set by the pandemic, we have proved the strength of our business model and remain confident that we are well equipped to face any challenges while delivering comparable results.”
In his remarks, the Group CEO, Nonso Okpala said : “Our results showed significant growth and resilience despite lingering uncertainties during the period under review.

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The performance indicators showed that the Company’s gross earnings grew by 96 per cent  to N6.65 billion from N3.39 billion; Profit Before Tax, PBT grew year-on-year by 176 per cent; Trading and Other Non-Interest Income grew by 47 per cent  to N.4.66 billion from N3.17 billion.
The Company recorded a four per cent year-on-year decline in Credit Losses and Impairment despite the well documented impact of COVID 19 on the Nigerian economy and in particular, financial services, while total asset growth of 85 per cent to N81.67 billion from N44.23 billion.
The gross earnings performance was driven by significant growth in Interest Income which grew by 90 per cent , while the impressive PBT result was also supported by the business’s ability to keep cost growth lower than revenue growth as expenses grew by only 34 per cent.”
Meanwhile, the shareholders at the AGM approved all the resolutions put before them for consideration.