VFD Group nine-month profit nearly doubles to ₦13bn on investment income

VFD Group Plc made a profit after tax of ₦13.00bn in the nine months to 30 September 2026, up 96 per cent from ₦6.63bn in the same period last year, according to its unaudited results approved by the board.

The principal investment company, which puts money into financial services, capital markets, real estate and hospitality, market infrastructure and retail technology, said the growth came mainly from its investment activities.

Profit before tax rose 92 per cent to ₦15.34bn from ₦7.99bn, while gross earnings climbed 35 per cent to ₦81.88bn from ₦60.72bn.

Net investment income, the group's biggest earner, grew 59 per cent to ₦72.18bn. Income from debt instruments rose 164 per cent to ₦10.87bn, and interest earned on placements was up 51 per cent to ₦21.05bn.

Earnings per share nearly doubled to 75 kobo from 38 kobo, and profit attributable to shareholders rose 97 per cent to ₦9.52bn.

Costs, capital and a bigger balance sheet

The group spent less on provisions for bad assets: impairment charges fell 44 per cent to ₦1.29bn. Its cost-to-income ratio, which measures how much it spends to earn each naira, improved to 24.5 per cent from 26.9 per cent.

Finance costs, however, rose 36 per cent to ₦43.33bn as the group funded a larger investment book. Total assets grew 30 per cent to ₦577.64bn from ₦445.81bn at the end of December 2025.

Investment in financial assets more than doubled to ₦217.08bn, funds under management rose 84 per cent to ₦142.52bn, and shareholders' funds grew 87 per cent to ₦130.02bn.

The group raised ₦50.67bn through a rights issue and another ₦22.75bn from an A1-rated commercial paper sale during the period.

At the parent company level, profit after tax jumped to ₦6.18bn from ₦300m, while borrowings fell 14 per cent to ₦108.02bn. Its borrowings-to-equity ratio dropped to about 1.1 times from 3.1 times at the start of the year.

Group Managing Director Nonso Okpala said the profit was earned from the group's core investment activity. "Beyond the numbers, we have continued to strengthen the Group's financial position," he said.

The Securities and Exchange Commission approved Anchoria Capital Group as a capital market holding company, a step the group says will help it consolidate its capital market operations.

VFD also appointed Mrs Ijeoma Emezie-Ezigbo as its first Deputy Managing Director, effective 5 October 2026. She previously worked at KPMG Nigeria as Partner and Head of Transaction Services, West Africa.

Executive Director, Finance, Folajimi Adeleye said the final quarter will focus on deploying capital carefully, cutting the cost of funding, planning for leadership succession and expanding Anchoria Capital Group.

What happens next

Investors will watch whether the group can keep funding costs in check while its investment book grows. The company says it will also formalise succession plans for key leadership roles across the group and its portfolio companies.