HEREL Limited, the premium real estate and hospitality subsidiary of VFD Group, emerged as the group's most profitable unit in FY2025, delivering a pre-tax profit of N5.8 billion.
This significant contribution accounted for 41% of VFD Group's total pre-tax profit, which reached N14.1 billion. Other subsidiaries contributing to the group's profit included Anchoria Asset Management with N2.6 billion, VFD Tech with N1.29 billion, and VFD Microfinance Bank with N1.15 billion.
The strong performance by HEREL Limited was driven by an operating income of N11.9 billion. After accounting for expenses totaling N6.1 billion, the subsidiary recorded a pre-tax profit of N5.8 billion and a post-tax profit of N3.8 billion.
Reflecting growing confidence in the subsidiary's performance, VFD Group increased its stake in HEREL Limited to 85% in 2025, up from 82% in 2024. This strategic move aligns with HEREL Limited's book value growth, which rose to N28.1 billion in FY2025 from N21.4 billion in the previous year.
HEREL Limited is a Nigerian company focused on real estate and hospitality, operating as a key subsidiary within VFD Group Plc's investment ecosystem.
An examination of VFD Group's broader portfolio reveals that the total value of its subsidiaries increased by 28.24% to N39.1 billion in FY2025, up from N30.5 billion in FY2024. The group currently has eight subsidiaries domiciled in Nigeria and one in Ghana.
Within this group structure, HEREL Limited stands out as the dominant contributor, representing N28.1 billion or 72% of the combined value of all subsidiaries. Following HEREL Limited, the next most valuable subsidiary is VFD Microfinance Bank Limited, valued at N6.5 billion. VFD Ghana Limited is valued at N2.1 billion, and VFD Tech Limited at N1.25 billion.
Anchoria Asset Management Limited is valued at approximately N500.1 million, alongside Template Limited at N200 million, and other smaller subsidiaries that collectively bolster the group's overall valuation.
Notably, VFD Ghana Limited is the only subsidiary operating outside Nigeria, with VFD Group holding a 63% stake. Its value increased from N1.5 billion in 2024 to N2.1 billion in 2025.
In terms of operational performance, HEREL Limited recorded an operating income of N11.9 billion. VFD Microfinance Bank led in operating income with N13.4 billion, however, higher expenses within the microfinance bank significantly impacted its profitability compared to HEREL Limited.
