The Group Managing Director, VDF Group, Nonso Okpala, said its earnings rose by 88 per cent in the 2022 financial period.
He said, “The Group’s earnings in 2022 was N33.9bn, an increase of 88 per cent from N18.0bn the previous year. The significant increase in earnings was largely due to 162 per cent year-on-year increase in investment income, which amounted to N12.7bn .” As a result of this increase in earnings, the Group’s profit before tax for 2022 was N8.8bn, a 25 per cent increase over the previous year’s N3.9bn.
He said, “The Group’s financial performance in 2022 was impacted by its exposure to Ghana Eurobond, which resulted in significant impairment of N1.3bn.The Chairman, Olatunde Busari , said VDF had fostered a culture of innovation and empowerment, providing a platform for the next generation of leaders and entrepreneurs to thrive.
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