VFD Group Plc Reports 33% Earnings Growth and Announces Major Strategic Initiatives at 8th AGM

VFD Group Plc, a leading proprietary investment company listed on the Nigerian Exchange (NGX) under the ticker symbol VFDGROUP in 2023, held its 8th Annual General Meeting (AGM)recently. The virtual event saw the participation of shareholders, regulators, company directors, government representatives, and members of the media.

Managing Director/CEO VFD Group Nonso Okpala

In his address to the shareholders, the Chairman Olatunde Busari reflected on the strategic groundwork laid over the past three years, highlighting the company’s major restructuring in 2023 to enhance its focus as a proprietary investment company. This realignment of management structure and organizational model was aimed at meeting key strategic objectives.

Busari underscored the significant milestones achieved in the past year, which have set a strong foundation for accelerated performance in 2024. These accomplishments, he noted, are strong indicators of VFD Group’s commitment to the welfare of its shareholders.

The AGM served as a platform for VFD Group Plc to reinforce its vision and strategic direction, ensuring alignment with its growth ambitions and stakeholder expectations. The company reported substantial growth in key financial metrics, with gross earnings increasing by 33% to ₦45.1 billion from ₦33.8 billion year-on-year, and asset growth of 45.0% from ₦151.5 billion in 2022 to ₦219.4 billion in 2023.

Following this performance, the Board recommended a bonus share of 4 (four) new shares for every 1 (one) share held, which was approved by the shareholders during the AGM.

Managing Director and CEO of the Group Nonso Okpala highlighted the importance of the next five years, beginning in 2024, marking it as a critical growth phase themed “A New Dawn.” Okpala emphasized the significance of transitioning from a founder-led organization to a publicly quoted, multiple shareholder-led entity, while protecting minority interests. To facilitate this transition, VFD Group Plc has developed a comprehensive framework encompassing a new shareholder structure, refined investment philosophy, and a redefined corporate culture.

While closing the meeting, the Chairman thanked the management, staff, and service providers of the company for their consistent service, support, and diligence in the detailed delivery of their jobs and support of the company.

The Group managing Director, Nonso Okpala also thanked all the shareholders and other stakeholders present and reassured them of the management’s continuous commitment to strengthening stakeholder relations as well as business performance for the year ahead.

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