VFD Group Plc has released its results for the financial year ended December 31, 2025. The group’s gross earnings decreased to N87.404billion from N87.763billion in the year 2024.
The group recorded earnings per share-basic of 93 kobo as against 100 kobo in 2024, which implies that it is generating less profit for every individual slice of ownership (share) held by investors.
The stock, which closed in February at N11.85, trades near its 52-week low of N10.15, as against a 52-week high of N19. Though it is up this year by 7.73 percent according to trading data for the week ended Friday, February 27, it underperforms the NGX ASI, which closed the same period by 23.91 percent year-to-date (YtD).
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What the decline in EPS means for VFD Group and its shareholders…
A falling EPS is usually a source of concern to both the company and shareholders. While declining EPS may force management to re-evaluate strategy, for investors, it is often a “yellow flag” that requires immediate check.
The principal activity of VFD Group Plc is to carry on business as an investment company and for that purpose to acquire and hold either in its name or that of any nominee, shares, stocks, debentures and other securities issued by any company wherever incorporated. The principal activities of the subsidiaries cover real estate and hospitality, logistics and haulage, lending and technology services.
Last year, VFD Group raised about N50.673billion through a Rights Issue. The Rights Issue provided eligible shareholders with an opportunity to subscribe for 2 new ordinary shares for every 3 existing ordinary shares held, at a subscription price of N10 per share. The programme formed part of the Company’s broader strategy to reinforce its capital base, support long-term growth, and enhance shareholder value. The company has 7,601,094,600 shares outstanding.
The dip in earnings per share (EPS) as shown in its full year 2025 financials indicates that VFD Group’s earnings are either shrinking or expenses – operating costs, interest, taxes – are rising faster than sales.
According to the consolidated and separate statements of profit or loss and other comprehensive income for the year ended December 31, 2025, VFD Group personnel expenses rose to N6.489billion in 2025, from N5.308billion in 2024. The Group’s results also show that other operating expenses reached a high of N14.795billion from N13.335billion in 2024.
The group’s total expense increased to N23.906billion in 2025 from N21.441billion in 2024. Finance cost stood higher in 2025 financial year N40.182billion, up from N37.587billion in 2024. The Group’s profit before income tax came almost flat at N11.316billion from N11.249billion in 2024; while profit for the year 2025 was N9.681billion from N8.693billion in 2024.