VFD Group Plc has announced its financial results for the first quarter ended March 31, 2026, revealing a pretax profit of N5.1 billion. This represents a year-on-year increase from N4.1 billion in the same period of 2025.

The growth was primarily fueled by a significant rise in top-line income, with investment and related earnings climbing to N23.9 billion, a 27.18% increase from N18.8 billion in Q1 2025. Key contributors to this income included investment income at N4.7 billion, placements at N4.5 billion, logistics and haulage at N4.1 billion, and interest from loans and advances at N3.3 billion.

Further boosting profitability, 'other income' saw a substantial surge of 529.3% year-on-year, reaching N2.7 billion. This increase was supported by exchange gains and fair value gains on investment properties.

Looking at specific income streams, treasury bills and commercial papers generated N1.9 billion, while fees and commissions contributed N1.7 billion. Interest from debt instruments amounted to N1.6 billion. Dividend income stood at N605.3 million, and the disposal of shares yielded N600.4 million.

Investment expenses also rose significantly, increasing to N4.5 billion from N1.04 billion in the prior year. This resulted in a net investment income of N19.4 billion, an increase of 9.26% from N17.8 billion in Q1 2025.

After accounting for other income of N2.7 billion, impairment on financial assets of N301.9 million, and net gains on financial assets of N345 million, the net revenue settled at N22.2 billion, up 21.29% year-on-year.

However, total expenses increased to N6.5 billion from N4.4 billion, driven by operating costs, personnel expenses, and depreciation charges. Despite operating profit standing at N15.6 billion, an increase of 12.56% from N13.9 billion, finance costs of N10.4 billion impacted the final pretax profit figure.