VFD Group pays N2.20 dividend to shareholders

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BY RITA UZUH

VFD Group Plc has approved N251.5 million as dividend, translating to N2.20 per ordinary share held for the financial year ended December 31, 2018.

Impressed by the move, the shareholders, at its third yearly general meeting in Lagos, commended the board, management and staff of the financial services group for the result amid the challenging macroeconomic and regulatory environment.

The company grew its profit before tax by 1,034 per cent to N687.39 million, against N60.62 million achieved the preceding year, while gross earnings leaped by 394 per cent to N2.9 billion from N445.01 million for the same period in 2017.

The Chairman, Olatunde Busari, said: “In 2018, we focused on strengthening our corporate governance structure by the expansion of the board to 13 members and appointment of notable directors with requisite pedigree and experience to drive the long-term objectives of the group.”

“The equity rise in December 2018 reflected investor confidence in the group, its board of directors and growth trajectory.”

The Group Chief Executive, Nonso Okpala, added: “The group is poised to commence phase II (2019 – 2023) of its 13 year growth strategy, wherein it will focus on gaining significant investment in a commercial bank and insurance company while significantly growing total shareholders’ funds to N100 billion and listing the group on the Nigerian Stock Exchange.”

A shareholder, Segun Faloye, said: “This is an excellent result achieved by VFD Group and we are delighted with the performance of the board and management of the company.”

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