The Group Managing Director, VDF Group, Nonso Okpala, said its earnings rose by 88 per cent in the 2022 financial period.
Okpala disclosed this while presenting the Group’s 22 annual reports during its 7th annual general meeting in Lagos.
He said, “The Group’s earnings in 2022 was N33.9bn, an increase of 88 per cent from N18.0bn the previous year. The significant increase in earnings was largely due to 162 per cent year-on-year increase in investment income, which amounted to N12.7bn (compared to N4.8bn in 2021).”
Fair value gain on investment property and derivative income contributed to the increase with 179 per cent and 99 per cent year-on-year growth respectively.
As a result of this increase in earnings, the Group’s profit before tax for 2022 was N8.8bn, a 25 per cent increase over the previous year’s N3.9bn.
The Group’s total assets increased by 45 per cent from N102.7bn in 2021 to N149.1bn in 2022, while shareholders’ funds, including fair value reserves and retained earnings increased by 67 per cent from N14.7bn in 2021 to N24.7bn in 2022.
Given the Group’s performance, he said, a dividend of N7.89 per ordinary share was proposed.
He said, “The Group’s financial performance in 2022 was impacted by its exposure to Ghana Eurobond, which resulted in significant impairment of N1.3bn.
“Despite this incident, I am confident in our risk management practices.”
The Chairman, Olatunde Busari (SAN), said VDF had fostered a culture of innovation and empowerment, providing a platform for the next generation of leaders and entrepreneurs to thrive.
He said, “We have also implemented a rigorous governance structure to ensure the highest standards of professionalism among those who operate on our platform.
“While each company’s leadership is individually accountable for their performance, our board representatives share collective responsibility for the entities they oversee.”
The chairman said it had mirrored its portfolio interaction as that of an ecosystem to support collaboration, innovation, and entrepreneurship, creating new opportunities for employment and inspiring entrepreneurs who come in contact with it.
