VFD Group Plc reported a 96% year-on-year increase in profit after tax, reaching N13.00bn for the nine months ended September 30, 2026. T
he group’s unaudited financial results, approved by its Board, showed a substantial rise from N6.63bn recorded in the corresponding period of 2025. Group Managing Director Nonso Okpala noted the near-doubling of profit reflected stronger performance from core investment activities.
The robust earnings performance stemmed from growth in the group’s investment activities, improved operating efficiency, and an expanding financial asset portfolio. Net investment income, the largest revenue contributor, rose 59% to N72.18bn from N45.45bn a year earlier. Gross earnings increased 35% to N81.88bn, driven by higher investment income. VFD Group is a principal investment company with active investments in Nigeria, Ghana, and South Africa.
Profit before tax advanced 92% to N15.34bn from N7.99bn in the prior year, while earnings per share nearly doubled to 75 kobo from 38 kobo. Profit attributable to shareholders increased 97% to N9.52bn, highlighting improved earnings available to owners. Total assets rose 30% to N577.64bn as of September 30, 2026, from N445.81bn at the end of December 2025, with investment in financial assets more than doubling to N217.08bn.
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Shareholders’ funds grew 87% to N130.02bn, reflecting a stronger capital position. Operating efficiency improved, with the cost-to-income ratio declining to 24.5% from 26.9%, and impairment charges fell 44% to N1.29bn. Despite a 36% increase in finance costs to N43.33bn, overall profitability surged, with parent company profit after tax rising to N6.18bn from N300m.
VFD Group continues to strengthen its capital base and support growth by deploying proceeds from its N50.67bn rights issue and a N22.75bn commercial paper issuance. The Securities and Exchange Commission approved Anchoria Capital Group as a capital market holding company, supporting VFD Group‘s efforts to expand its capital market operations. The appointment of Mrs. Ijeoma Emezie-Ezigbo as Deputy Managing Director, effective October 5, 2026, reinforces the group’s commitment to leadership depth. Executive Director, Finance, Folajimi Adeleye, outlined priorities including disciplined capital deployment and capital markets expansion.
Key Takeaways
VFD Group‘s strong financial performance for the nine months ended September 30, 2026, is underpinned by its strategic focus as a principal investment company. The group primarily invests pooled capital from institutional investors into growth-oriented Nigerian companies, holding equity stakes in diverse entities such as mortgage-focused Abbey Bank, digital identity startup VerifyMe, the Nigerian Exchange Group, and Veritas Kapital Assurance.
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This investment strategy has recently expanded beyond Nigeria, targeting foreign equity investors across sub-Saharan Africa, the UK, and the US. Management commentary highlights a deliberate effort to strengthen the group’s financial position, effectively deploy capital raised through a N50.67bn rights issue and a N22.75bn commercial paper issuance, and build a robust leadership structure.
The recent appointment of Mrs. Ijeoma Emezie-Ezigbo as the first Deputy Managing Director, bringing over two decades of experience in corporate finance and transaction advisory, underscores a commitment to executive leadership depth and succession planning. Looking ahead, Executive Director, Finance, Folajimi Adeleye, stated the group’s priorities remain clear: disciplined capital deployment, improved funding efficiency, and further expansion of its capital markets business through the newly approved Anchoria Capital Group.
These strategic initiatives aim to sustain long-term value creation across its varied investment sectors, including financial services, real estate, hospitality, and retail technology.