VFD Group Plc, a leading principal investment company listed on the Nigerian Exchange Limited (NGX) has released its unaudited consolidated and separate financial statements for the first quarter (Q1) ended March 31, 2026.
The results reflect a quarter of disciplined capital deployment, deleveraging, and accelerating profitability with profit before tax (PBT) increasing by 102 percent at Company level and 26 percent at Group level, as the Group transitions from a capital-raising phase to an earnings-translation phase.
The consolidated gross earnings grew by 37 percent to N27.07billion from N19.81billion in Q1 2025, supported by broad-based growth across investment income, and fee income.
Investment income grew by 27 percent to N23.99billion from N18.86billion in Q1 2025. Profit before tax (PBT) grew by 26 percent to N5.19billion from N4.12billion in Q1 2025, translating into earnings per share of 25.45 kobo, up 16 percent on the prior comparable period.
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.
Gross earnings grew by 69 percent to N11.98billion from N7.10billion in Q1 2025. Investment income grew by 59 percent to N11.03billion from N6.96billion in Q1 2025.
The company profit before tax more than doubled, increasing by 102 percent to N2.11billion from N1.05billion in Q1 2025. This stellar performance at the investment company level reflects its compounding intrinsic value as it recycles capital across higher-quality investments.
Commenting on the results, Nonso Okpala, Group Managing Director, VFD Group Plc
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.
Commenting on the results, Folajimi Adeleye, Executive Director, Finance and Investor Relations, VFD Group Plc said: “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 N50.4billion 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.”
VFD reaffirms 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.