Lagos, Nigeria — VFD Group Plc reported a pretax profit of N5.1 billion ($3.2 million) for the first quarter ended March 31, 2026, up from N4.1 billion in the same period last year, according to financial statements filed by the company.
Okay News reports that the improvement was largely driven by stronger top-line income, as investment and related earnings rose to N23.9 billion, representing a 27.18% increase from N18.8 billion in Q1 2025.
Within this, investment income contributed the most at N4.7 billion, followed by placements at N4.5 billion, logistics and haulage at N4.1 billion, and interest from loans and advances at N3.3 billion as major contributors. Further strengthening profitability, other income surged to N2.7 billion, up 529.3% year-on-year, supported by exchange gains and fair value gains on investment properties.
Gross earnings rose to N27.07 billion, up 36.63% year-on-year. Net investment income reached N19.46 billion, up 9.26%, while net revenue climbed to N22.3 billion, up 21.29%. Total expenses increased to N6.5 billion from N4.4 billion, and finance costs rose to N10.4 billion from N9.8 billion. Retained earnings stood at N19.9 billion, up 19.30% year-on-year.
Treasury bills and commercial papers yielded N1.9 billion, followed by fees and commissions at N1.7 billion, and debt instruments interest at N1.6 billion. Dividend income stood at N605.3 million, while disposal of shares generated N600.4 million. Investment expenses spiked to N4.5 billion from N1.04 billion, leaving net investment income at N19.4 billion. After accounting for impairment on financial assets of N301.9 million and net gains on financial assets of N345 million, net revenue settled at N22.2 billion.
Operating profit stood at N15.6 billion, up 12.56% from N13.9 billion, though finance costs of N10.4 billion pushed pretax profit down to N5.1 billion. After tax expense of N1.03 billion, post-tax profit settled at N4.1 billion, up from N3.4 billion in the corresponding period.
On the balance sheet, total assets rose to N458.6 billion in Q1 2026 from N445.8 billion in 2025, with investments in financial assets at N152.8 billion remaining the largest asset class. A share premium of N63.4 billion, alongside retained earnings of N19.92 billion, accounted for the bulk of total equity of N124.2 billion. Borrowings of N104.7 billion and funds under management of N104.1 billion represented the largest obligations, bringing total liabilities to N334.4 billion, lower than N376.1 billion.
The Q1 results were published after market close on April 28, 2026, with shares priced at N10.20 on the Nigerian Exchange.
 for the first quarter ended March 31, 2026, up from N4.1 billion in the same period last year, according to financial statements filed by the company.){kind=link}