VFD Group Plc has achieved gross earnings of N60.72 billion in its nine-month operations, against N45.01 billion recorded in the corresponding period in 2025.

The company’s nine-month (Q3 2025) unaudited financial results showed a 35 per cent rise in gross earnings from N45.01 per cent to N60.72 per cent.

The firm attributed the increased performance in gross earnings to disciplined capital deployment and portfolio optimisation.

Similarly, its profit before tax also grew by 61 per cent to N7.99 billion for the nine months from N4.95 billion posted in the same period of 2024.

Its operating profit grew 66 per cent, as the cost-to-income ratio moderated by 700 basis points to 30.4 per cent.

Operating cash flow also turned positive at N12.21 billion, underscoring improved earnings quality and efficient asset-liability management.

The group’s balance sheet remained strong, with total assets rising 30 per cent to N383.39 billion, while shareholders’ equity increased 29 per cent to N71.50 billion. The debt-to-equity ratio improved to 1.68x from 2.07x in full-year 2024, reflecting prudent deleveraging and stronger internal capital generation.

To further consolidate its capital position, VFD Group is executing a rights issue aimed at strengthening its balance sheet and supporting future expansion.

The company stated that the proceeds will help reduce funding costs, improve liquidity, and strengthen its long-term profitability profile.

Group Managing Director, Nonso Okpala, said the third-quarter results reflect the compounding effect of disciplined execution and effective strategy.

“Our Q3 results underscore operational efficiency and the effectiveness of our ecosystem strategy. As we optimise capital allocation and consolidate our unique investment model, we remain optimistic about our diversified portfolio, which offers a blend of growth and resilience,” Okpala said.

He added that the group’s fintech and loyalty subsidiary, Bvndle, continues to demonstrate strong growth momentum and ‘unicorn potential’ within the portfolio.

Also commenting, Executive Director of Finance and Investor Relations Folajimi Adeleye said the company’s consistent balance sheet improvement validates its prudent financial strategy.

“Our results highlight a 65.8 per cent year-on-year rise in operating profit and a 61.4 per cent increase in profit before tax, supported by margin expansion and cost control. The ongoing rights issue will further solidify our capital base and position us for sustained, profitable growth,” he said.

VFD Group said it remains focused on executing its rights issue, scaling its growth initiatives, and driving sustainable value creation across its subsidiaries and investee companies.