VFD Group Income Statement

Financials in millions NGN. Fiscal year is January - December.

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Other Revenue	78,652	62,882	34,007	12,143
Revenue	78,652	62,882	34,007	12,143
Revenue Growth (YoY)	28.52%	84.91%	180.07%	-
Cost of Revenue	2,598	1,885	735.01	-
Gross Profit	76,054	60,997	33,272	12,143
Selling, General & Admin	8,072	6,856	5,208	2,597
Other Operating Expenses	12,233	11,052	6,347	6,472
Operating Expenses	24,068	21,876	12,669	10,107
Operating Income	51,987	39,121	20,604	2,035
Interest Expense	-50,376	-37,588	-25,333	-
Earnings From Equity Investments	48.5	34.39	375.14	334.81
Currency Exchange Gain (Loss)	2,089	2,115	2,130	1,088
Other Non Operating Income (Expenses)	347.26	957.53	715.86	-
EBT Excluding Unusual Items	4,096	4,640	-1,509	3,458
Gain (Loss) on Sale of Investments	741.54	859.66	28.05	2,719
Gain (Loss) on Sale of Assets	2,053	568.77	71.44	181.23
Asset Writedown	7,845	5,622	229.93	2,223
Other Unusual Items	-440.99	-440.99	158.64	-
Pretax Income	14,294	11,250	-1,021	8,582
Income Tax Expense	3,433	2,557	-270.59	1,746
Earnings From Continuing Operations	10,861	8,693	-750.44	6,836
Minority Interest in Earnings	-3,152	-2,428	-1,712	-1,476
Net Income	7,708	6,265	-2,463	5,360
Net Income to Common	7,708	6,265	-2,463	5,360
Shares Outstanding (Basic)	7,285	7,285	5,702	5,701
Shares Outstanding (Diluted)	7,285	7,285	5,702	5,701
Shares Change (YoY)	-4.17%	27.76%	0.02%	-
EPS (Basic)	1.06	0.86	-0.43	0.94
EPS (Diluted)	1.06	0.86	-0.43	0.94
Free Cash Flow	-28,357	-46,028	-13,530	20,774
Free Cash Flow Per Share	-3.89	-6.32	-2.37	3.64
Dividend Per Share	0.417	0.417	-	-
Gross Margin	96.70%	97.00%	97.84%	100.00%
Operating Margin	66.10%	62.21%	60.59%	16.76%
Profit Margin	9.80%	9.96%	-7.24%	44.14%
Free Cash Flow Margin	-36.05%	-73.20%	-39.79%	171.08%
EBITDA	53,762	41,175	21,565	2,703
EBITDA Margin	68.35%	65.48%	63.41%	22.26%
D&A For EBITDA	1,775	2,055	961.3	667.32
EBIT	51,987	39,121	20,604	2,035
EBIT Margin	66.10%	62.21%	60.59%	16.76%
Effective Tax Rate	24.02%	22.73%	-	20.34%
Advertising Expenses	-	1,548	1,817	-

Updated Sep 30, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.