VFD Group Plc has reported a profit of N10.4bn for the year ended December 31, 2024, marking a recovery from a loss of N750.4m recorded in the previous year.

In its unaudited financial results for 2024, the company saw a rise in gross earnings, which surged by 84 per cent to N83.2bn, up from N45.1bn in 2023. This growth was driven by a performance in its investment and similar income, which grew by 206 per cent, reaching N71.2bn, compared to N23.6bn in 2023.

VFD’s net investment income increased, amounting to N21.7bn, up from N1.5bn in the prior year. The company’s other income also saw a rise, growing by 30 per cent to N9.4bn from N7.2bn in 2023.

The group’s operating expenses also saw a rise, with personnel expenses increasing by 35 per cent to N4.6bn, while other operating expenses rose by 53 per cent to N12.8bn.

However, despite the increased costs, VFD was able to report a profit before income tax of N12.5bn, compared to a loss of N1bn in the previous year.

The company’s income tax expense amounted to N2bn, leading to the net profit of N10.4bn for the year.

The total comprehensive income for the year stood at N10.8bn, driven by an increase in the fair value of investments in financial instruments designated as FVTOCI, which amounted to N441.7m.

VFD Group’s total assets rose to N328.7bn, compared to N219.3bn in 2023, largely due to increased investment in financial assets and funds under management. The group’s shareholders’ fund also grew by 90 per cent to N61.98bn, from N32.53bn in 2023.

The PUNCH reported that VFD Group Plc has recorded a profit after tax of N3.11bn for the first half of the year.