VFD Group Plc reported a pre-tax profit of N15.34 billion in its unaudited monetary outcomes for the 9 months ended 30 September 2026, representing a rise of 91.86% from N7.99 billion within the corresponding interval of 2025.
Third-quarter gross earnings reached N28.16 billion, beating the corporate’s N26.36 billion forecast by 6.83%, supported by stronger funding and related revenue, which elevated to N25.98 billion in opposition to a projection of N25.30 billion.
The efficiency contributed to a 34.84% enhance in nine-month gross earnings to N81.88 billion from N60.72 billion, supporting increased profitability.
Consequently, nine-month profit after tax elevated by 95.97% to N13.00 billion from N6.63 billion, whereas earnings per share rose to 75 kobo from 38 kobo.
Key Highlights
The figures evaluate nine-month 2026 efficiency with the corresponding interval of 2025, besides steadiness sheet gadgets, that are in contrast with December 2025.
- Gross earnings: N81.88 billion (Up 34.84% YoY from N60.72 billion).
- Investment and related revenue: N75.11 billion (Up 52.58% YoY from N49.23 billion).
- Investment and related bills: N2.94 billion (Down 22.35% YoY from N3.78 billion).
- Impairment costs: N1.29 billion (Down 44.22% YoY from N2.32 billion).
- Finance prices: N43.33 billion (Up 35.66% YoY from N31.94 billion).
- Total property: N577.64 billion (Up 29.57% from N445.81 billion).
- Cash and money equivalents: N33.64 billion (Down 57.68% from N79.47 billion).
- Borrowings: N169.62 billion (Up 36.94% from N123.86 billion).
- Total shareholders’ fairness: N130.02 billion (Up 86.75% from N69.62 billion).
Driving the numbers
VFD Group’s nine-month efficiency was pushed primarily by stronger funding earnings throughout its monetary actions.
Investment and related revenue elevated by 52.58% to N75.11 billion from N49.23 billion, accounting for 91.74% of the group’s gross earnings.
- The development was pushed primarily by funding revenue, which elevated by 241.57% to N21.40 billion from N6.26 billion, contributing 28.49% of complete funding and related revenue.
- Interest from placements rose by 51.43% to N21.05 billion from N13.90 billion, accounting for 28.02%, whereas curiosity from debt devices elevated by 164.21% to N10.87 billion from N4.11 billion, contributing 14.47%.
- Interest from loans and advances elevated marginally by 1.53% to N9.90 billion from N9.75 billion, representing 13.18% of complete funding and related revenue.
- Fees and fee revenue additionally rose by 281.44% to N4.47 billion from N1.17 billion, contributing 5.95%.
Income from investments in logistics and haulage declined sharply by 92.58% to N497.07 million from N6.70 billion, whereas dividend revenue fell by 41.85% to N1.10 billion.
This was accompanied by a 22.35% decline in funding and related bills to N2.94 billion, lifting internet funding revenue by 58.81% to N72.18 billion.
- The enchancment helped internet revenue enhance by 42.13% to N77.52 billion.
None-investment revenue
Non-investment revenue was blended. Other revenue declined to N5.59 billion, regardless of a fair-value achieve on funding property of N4.09 billion.
- Net beneficial properties on monetary property measured at truthful worth by profit or loss additionally declined sharply to N1.04 billion from N5.58 billion.
Impairment costs
Impairment costs offered further assist to profitability, declining 44.22% to N1.29 billion from N2.32 billion.
- The discount was notably evident in mortgage impairment costs, which declined to N153.26 million from N1.68 billion.
Operating bills
Operating bills elevated by 29.23% to N18.98 billion, reflecting increased personnel and administrative prices.
- Personnel bills rose by 49.98% to N6.37 billion from N4.25 billion, whereas different working bills elevated by 25.31% to N11.10 billion.
Despite these will increase, working profit grew by 46.88% to N58.53 billion.
However, finance prices remained a major stress on earnings, rising 35.66% to N43.33 billion from N31.94 billion and absorbed 74.02% of working profit, limiting the quantity in the end accessible as pre-tax earnings.
Balance sheet
VFD Group’s steadiness sheet expanded by 29.57% to N577.64 billion from N445.81 billion in December 2025, supported by development in monetary investments and funds underneath administration.
- Investment in monetary property greater than doubled to N217.08 billion from N98.70 billion, whereas funds underneath administration on the asset facet elevated to N142.52 billion from N77.35 billion.
- Loans and advances additionally elevated to N32.79 billion from N26.25 billion.
However, borrowings rose by 36.94% to N169.62 billion, whereas money and money equivalents declined by 57.68% to N33.64 billion.
The group’s fairness place strengthened considerably, rising to N130.02 billion, supported partly by its rights challenge.
Net money generated from working actions additionally elevated to N28.91 billion from N9.00 billion.
Market response
VFD Group’s share worth closed unchanged at N12.40 on 28 October 2026, the day its unaudited nine-month monetary outcomes had been launched on the NGX.
Trading quantity stood at 4.25 million shares, in contrast with 2.27 million shares within the earlier session, when the inventory gained 3.33% from N12.00.
The inventory has gained 12.73% year-to-date from its opening worth of N11.00.
