VFD Group Income Statement

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

Millions NGN. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022
Period Ending	Mar '26 Mar 31, 2026	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022
Other Revenue	72,869	71,392	56,531	34,007	12,143
Revenue	72,869	71,392	56,531	34,007	12,143
Revenue Growth (YoY)	21.14%	26.29%	66.23%	180.07%	-
Cost of Revenue	2,604	2,602	1,882	735.01	-
Gross Profit	70,264	68,790	54,649	33,272	12,143
Selling, General & Admin	8,818	8,118	6,113	5,208	2,597
Other Operating Expenses	12,993	11,699	10,105	6,347	6,472
Operating Expenses	25,165	23,156	19,490	12,669	10,107
Operating Income	45,100	45,635	35,159	20,604	2,035
Interest Expense	-38,894	-38,204	-35,413	-25,333	-
Earnings From Equity Investments	144.66	132.15	34.39	375.14	334.81
Currency Exchange Gain (Loss)	2,447	1,611	1,654	2,130	1,088
Other Non Operating Income (Expenses)	1,395	1,312	957.42	715.86	-
EBT Excluding Unusual Items	10,192	10,486	2,391	-1,509	3,458
Gain (Loss) on Sale of Investments	175.84	184.6	1,448	28.05	2,719
Gain (Loss) on Sale of Assets	3.74	5.15	568.77	71.44	181.23
Asset Writedown	4,880	3,500	5,622	229.93	2,223
Other Unusual Items	-5.69	-	-13.75	158.64	-
Pretax Income	15,246	14,176	10,016	-1,021	8,582
Income Tax Expense	4,874	4,460	2,270	-270.59	1,746
Earnings From Continuing Operations	10,372	9,716	7,746	-750.44	6,836
Earnings From Discontinued Operations	-	-	946.88	-	-
Net Income to Company	10,372	9,716	8,693	-750.44	6,836
Minority Interest in Earnings	-2,682	-2,470	-2,428	-1,712	-1,476
Net Income	7,690	7,246	6,265	-2,463	5,360
Net Income to Common	7,690	7,246	6,265	-2,463	5,360
Net Income Growth	7.51%	15.66%	-	-	-
Shares Outstanding (Basic)	7,601	7,601	7,601	5,702	5,701
Shares Outstanding (Diluted)	7,601	7,601	7,601	5,702	5,701
Shares Change (YoY)	-14.29%	-	33.31%	0.02%	-
EPS (Basic)	1.01	0.95	0.82	-0.43	0.94
EPS (Diluted)	1.00	0.95	0.82	-0.43	0.94
EPS Growth	24.33%	15.85%	-	-	-
Free Cash Flow	68,556	107,349	-42,456	-13,530	20,774
Free Cash Flow Per Share	9.02	14.12	-5.58	-2.37	3.64
Dividend Per Share	0.250	0.250	0.417	-	-
Dividend Growth	-40.01%	-40.01%	-	-	-
Gross Margin	96.43%	96.36%	96.67%	97.84%	100.00%
Operating Margin	61.89%	63.92%	62.19%	60.59%	16.76%
Profit Margin	10.55%	10.15%	11.08%	-7.24%	44.14%
Free Cash Flow Margin	94.08%	150.37%	-75.10%	-39.79%	171.08%
EBITDA	47,822	48,212	37,186	21,565	2,703
EBITDA Margin	65.63%	67.53%	65.78%	63.41%	22.26%
D&A For EBITDA	2,722	2,578	2,027	961.3	667.32
EBIT	45,100	45,635	35,159	20,604	2,035
EBIT Margin	61.89%	63.92%	62.19%	60.59%	16.76%
Effective Tax Rate	31.97%	31.46%	22.67%	-	20.34%
Advertising Expenses	-	-	-	1,817	-

Source: S&P Global Market Intelligence. Standard template. Financial Sources.