VFD Group Plc (the “Company” or “Group”) (NASD: SDVFDGROUP), a leading proprietary investment company, announced that its shareholders have approved a final dividend of N7.89 Kobo per share. The dividend payout, amounting to a total of N1.5 billion, reflects an increase of 9.7 per cent compared to the N1.36 billion payout in the previous financial year.
VFD Group has consistently paid dividends to its shareholders over the last five years, unequivocally reaffirming the Group’s unwavering dedication to grow the wealth of its esteemed shareholders.
The recently released financial results unveil a remarkable growth trajectory in both gross earnings and profit before tax, highlighting the Group’s unwavering resilience amidst a challenging business landscape.
In 2022 financial year, the group gross earnings grew by 87 per cent to N33.8 billion from N18.1 billion in 2021.
Investment and Similar Income grew by 54 per cent to N17.7 billion from N11.5 billion in 2021, while Other Income grew significantly by 105 per cent to N13.0 billion from N6.6 billion in 2021.
Profit Before Tax (PAT) grew exponentially by 125 per cent to N8.8 billion from N3.9 billion in 2021.
A 95 per cent growth in Shareholders’ Funds, to N31.5 billion from N16.2 billion in 2021.
And a Total Assets growth of 45 per cent to N149.1 billion from N102.8 billion in 2021.
A closer analysis of the full year 2022 report indicated that the remarkable growth in Gross Earnings can be attributed to significant growth of 190 per cent in Placement and Investment Income.
Commenting on the financial results, Nonso Okpala, the Group Managing Director/CEO of VFD Group PLC, expressed his satisfaction, stating, “We are pleased with our financial results for the year, which demonstrates the strength of our business model and quality of our investments. We remain optimistic about the future, and while we understand that past successes have a role in telling our story, we would rather look forward to new victories.”
Looking ahead to the year 2023, VFD Group Plc aims to intensify efforts in fostering exceptional cross-selling and collaboration among its investee companies, thereby potentially accelerating growth.
Furthermore, the Group plans to explore opportunities for geographical expansion, paving the way for exciting prospects and creating footprints in new markets.
IATF2023 records $43.8bn closed deals
The African Export-Import Bank has disclosed that the third Intra-African Trade Fair (IATF2023) held in Cairo from 9 to 15 November witnessed the conclusion of business deals and transactions valued at US$43.8 billion.
In the final tallies released in Cairo, the organisers of the continental event said that the amount represented the value of 426 deals concluded in 21 sectors covering 52 countries. At a press conference to announce the results, Executive Vice President (Intra-African Trade Bank) at Afreximbank, Mrs Kanayo Awani, also announced that 130 countries participated in the trade fair, which attracted 1,939 exhibitors and 28,282 participants who attended physically and through the IATF virtual platform.
One of the notable transactions included the Export Agriculture for Food Security Framework executed by several African countries (as Origin Countries) and ARISE Integrated Industrial Platforms, Arise IIP (as Anchor Investor) to which Afreximbank committed US$2 billion to boost production, processing, and intra-African trade in agricultural products and to provide African farmers and agribusinesses with opportunities to access larger markets across the continent.
Mrs Awani also said that the IATF had successfully established itself as the premier trade and investment event in Africa, with the unique capacity to increase intra-African trade and investment, especially in the context of implementing the African Continental Free Trade Area (AfCFTA) Agreement.
“Building on the successes of IATF2018 and IATF2021, I am proud to say that the buzz and energy generated by IATF2023 will be felt across Africa and beyond for many years to come. Together, we have explored new possibilities and opened new doors for a brighter future for our continent,” she added.
IATF2023 kicked off on 9 November and included an official opening ceremony, a Presidential Summit which was addressed by President Abdel Fattah Al Sisi of the Arab Republic of Egypt, a Trade and Investment Forum, the Creative Africa Nexus (CANEX), an African Auto Forum, AU Youth Entrepreneurship Programme, a Sub-Sovereigns Conference, a Diaspora Summit, an African Industrialization Week and an African Tourism Sustainability and Investment Forum. A series of side events were also held as part of the trade fair.
The next edition of the IATF will be hosted in 2025 by Algeria.
Investors record positive gains, as NGXASI advance by 0.43%
Investors yesterday recorded positive gains on the Nigerian equities market following Monday’s losses.
According to data obtained from the Nigerian Exchange Limited (NGX) website, the NGX Market CAP recorded a gain of N165.99 billion in Naira terms.
The NGX All-Share Index (NGXASI) also advanced by 0.43 percent, closing at 71,250.17 basis points, compared to the previous day’s loss of 0.66 percent, which closed at 70,946.83 basis points. With the growth, the NGXASI now stands at 39.02 percent.
The total volume traded also advanced by 20.93 percent to close at N433.57 million, valued at N11.11 billion and traded in 7,016 deals.
The Gate Index closed flat at 183.36, while the Toni index advanced by 0.27 percent to close at 375.28 basis points.
At the close of trading, the market recorded 40 gainers, 15 losers, and 64 unchanged. NSLTECH topped the gainers list, while ABBEYBDS topped the list of losers.
UACN was the most traded stock by volume with N61.71 million, while NIDF was the most traded stock by value with N2.22 billion units traded.
UACN also had the highest volume contribution with 14.23 percent, while UBA and GTCO followed closely.
According to the value chart, NIDF is at the top with a 20.0 percent contribution. AIRTELAFRI and MTNN followed closely behind.
SEC DG calls for multifaceted approach to enhance capital market growth
The Director-General, Securities and Exchange Commission (SEC), Mr. Lamido Yuguda has called for a multi-faceted approach to enhance the growth of Nigeria’s capital market.
The SEC DG made this known while addressing journalists at the 2023 conference of the Capital Market Correspondents Association of Nigeria (CAMCAN) held in Lagos at the weekend.
According to Yuguda who was represented by the Executive Commissioner Operations, SEC, Mr Dayo Obisan, “Effectively harnessing the capital market for national development entails a multi-faceted approach, these include deploying more infrastructure, fostering more public-private partnerships, establishing specialised entities like special purpose vehicles (SPVs), listing state-owned enterprises, issuing green bonds to support sustainable projects, and bolstering small and medium enterprises among others.”
According to him, the revised capital market master plan underscored SEC’s commitment to deepening and. repositioning the financial market as a key driver of sustainable economic growth.
“The master plan which represents collective aspirations of the capital market community is focused on driving initiatives geared towards growing and deepening the market with the ultimate goal of accelerating the emergence of our dear country in the top 20 economies by the year 2025,” Yuguda said.
The SEC DG added that synergy holds the potential of unleashing capital market prowess and paving the way for a prosperous future.
According to him, achieving the objective necessitates an increased utilisation of market mechanisms and instruments to raise funds and stimulate economic advancement.
He pointed out that the commission would continue to introduce new ideas and policies that would support the development and regulation of a capital market that is dynamic, fair, transparent, and efficient to contribute to the nation’s economic development, noting that investors protection plays a crucial role in the development and integrity of the capital market.
Also speaking at the event, the Deputy Director, SEC Lagos Zonal office, Mr John Briggs, urged the government to create infrastructure financing instruments that would facilitate easy servicing of obligations.
“We have encouraged a lot of infrastructure funds like sukuk, and green bonds and we are even talking about blue bonds to develop the market.”
“The capital market has created the conducive environment to ensure a transparent and dynamic market which would continue to attract investment,” he said.
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