VFD Group Plc has reported a profit before tax (PBT) of N5.19 billion for the first quarter of 2026, marking a significant increase of over N1 billion compared to the N4.12 billion recorded in the same period in 2025. The unaudited consolidated and separate financial statements for the quarter highlight disciplined capital deployment, deleveraging, and accelerating profitability.
According to the group, PBT grew by 26 percent at the group level as it transitions from a capital-raising phase to an earnings-translation phase. This growth translated into earnings per share of 25.45 kobo, up 16 percent from the prior comparable period.
Strong Gross Earnings Growth
The consolidated gross earnings rose by 37 percent to N27.07 billion from N19.81 billion in Q1 2025, supported by broad-based growth across investment income and fee income. The firm's investment income increased by 27 percent to N23.99 billion from N18.86 billion.
Subsidiaries and Standalone Performance
The group results reflect the operating profiles of its subsidiaries, several of which are in scaling or restructuring phases. However, the standalone company performance, which most accurately reflects the earning power of VFD as a principal investment company, was materially stronger.
Standalone gross earnings grew by 69 percent to N11.98 billion from N7.1 billion in Q1 2025. Investment income increased by 59 percent to N11.03 billion from N6.96 billion. The company's PBT more than doubled, rising by 102 percent to N2.11 billion from N1.05 billion in the first quarter of 2025.
