VFD Group Plc has reported a Profit Before Tax (PBT) of N5.19 billion for the first quarter of 2026, compared to N4.12 billion recorded in the same period of 2025. The unaudited consolidated and separate financial statements for the quarter ended March 31, 2026, reflect a period of disciplined capital deployment, deleveraging, and accelerating profitability. PBT increased by 102% at the company level and 26% at the group level, as the group transitions from a capital-raising phase to an earnings-translation phase.
Key Financial Highlights
Profit before tax grew by 26% to N5.19 billion from N4.12 billion in Q1 2025, translating into earnings per share of 25.45 kobo, up 16% from the prior comparable period. Consolidated gross earnings rose by 37% 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% to N23.99 billion from N18.86 billion in Q1.
The group results reflect the operating profiles of subsidiaries, several of which are in scaling or restructuring phases. The standalone company performance, which most accurately reflects the earning power of VFD as a principal investment company, was materially stronger. Its gross earnings grew by 69% to N11.98 billion from N7.10 billion in Q1 2025. Investment income rose by 59% to N11.03 billion from N6.96 billion in Q1 2025. The company's profit before tax more than doubled, increasing by 102% to N2.11 billion from N1.05 billion in Q1 2025. This stellar performance at the investment company level reflects its compounding intrinsic value as it recycles capital across higher-quality investments.
Management Comments
Commenting on the results, Nonso Okpala, Group Managing Director, said: “Over the last two years we have done the difficult work of reshaping the portfolio, recapitalizing the balance sheet, and aligning every entity in the Group to a clear principal investment thesis. The fact that Company-level profit has more than doubled tells you the level of capital deployment efficiency the investment company possesses.”
Folajimi Adeleye, Executive Director, Finance & IR, added: “We are entering Q2 with a stronger capital base, lower funding cost trajectory, and a higher-quality earning asset mix. The full effect of our N50.4bn rights issue that only became fully available toward the end of the quarter has not yet been reflected in these numbers. Hence, we expect the next phase to be considerably more emphatic.”
Outlook and Strategic Priorities
On the outlook, the company reaffirmed its 2026 strategic priorities: deepening the principal investment platform, scaling regional capital deployment in line with its pan-African thesis, and delivering compounding shareholder value across capital appreciation and earnings translation.
VFD Group Plc is a leading principal investment company listed on the Nigerian Exchange Limited (NGX), committed to building Africa’s most valuable ecosystem of businesses. The group invests in and actively manages a diversified portfolio across key sectors, including market infrastructure, capital market operations, financial services and fintech, real estate and hospitality, and retail technology. With investments in Nigeria, Ghana, and South Africa, VFD is focused on scaling high-impact businesses and delivering sustainable, long-term value to its stakeholders.
