Investment company VFD Group recorded a twofold increase in net profit for the first half of the year, supported by a significant improvement in investment income, its unaudited report for the period issued Friday showed.
VFD Group is proprietary and investment-focused, meaning it invests in target companies for direct market gain, unlike investment banks, which invest on behalf of others.
It has investments in companies as diverse as the Nigerian Exchange Group, Veritas Kapital Assurance, NASD Plc and CSCS Plc, according to information on its website.
Revenue advanced to N53.7 billion from N41.2 billion a year ago, deriving strength largely from investment income, which was up by 102.8 per cent. Net investment income expanded by 19.8 per cent to N42 billion from N35 billion.
The company logged a sharp increase in other income, which surged more than sevenfold to N3.8 billion after earning N3.9 billion in fair value gain in investment property, unlike a year earlier when no such income was recorded.
