Selloffs Knock Down VFD Group Market Value by 10%
Sell pressures initiated by equities investors knocked down the market value of VFD Group Plc by 10%, or N5.7 billion, on the Nigerian Exchange (NGX) following its solid earnings growth in the third quarter of 2024.
A sector-agnostic investment company share price closed at N40.50 on Friday in the equities market from N45 at the beginning of the same week. The company’s market value was reduced to N51.307 billion, spread over its 1.266 billion shares outstanding.
In its unaudited financial statement for nine months of 2024, VFD Group Plc reported a profit after tax of ₦4.47 billion, which translated to a 555% year-on-year (YoY) increase, demonstrating strong financial performance and resilience in a challenging economic landscape.
The company reported that the group’s total assets reached an impressive N295.86 billion, marking a substantial growth of 35% year on year compared to N219.28 billion as of December 2023.
This growth reflects VFD Group’s strategic investments and prudent financial management, according to an official statement submitted to the Nigerian Exchange.
VFD group’s net revenue for the period showed a remarkable increase of 111% year on year, amounting to ₦18.27 billion, up from ₦8.64 billion in the corresponding period of 2023.
The robust top-line growth highlights VFD Group’s commitment to delivering value and enhancing shareholder returns, the company told the Nigerian Exchange. The group’s total cash and cash equivalents surged by 213%, reaching ₦26.22 billion for the period ended 30 September 2024, compared to ₦8.37 billion as of December 2023.
Furthermore, the total shareholders’ funds increased significantly by 62%, from N32.53 billion in December 2023 to N52.76 billion in 9M 2024.#Selloffs Knock Down VFD Group Market Value by 10% Naira Depreciates Ahead of 2-Week Automated FX Trading Trial
