VFD Group Plc, an industry-agnostic proprietary investment company with a portfolio of over 40 businesses across various sectors and geographies, has projected to earn N1.05 billion in the fourth quarter of 2024.

This was revealed in a financial projection statement signed by the Director of Finance, John Okonkwo, and Group Managing Director, Nonso Okpala.

According to the statement, gross earnings is projected to hit N16.12 billion in the period ending December 31, 2024.

Investment and similar income is expected to contribute N15.1 billion while investment expenses are projected at N10.42 billion.

This is expected to result in a net investment income of N4.68 billion.

Also, other income sources are expected to bring in N1.02 billion to take the total operating income to N5.7 billion.

However, the company is projected to spend N3.98 billion as operating expenses.

This includes personnel expenses of N1.09 billion, depreciation and amortization costs of N534.82 million and other operating expenses amounting to N2.35 billion.

Net impairment charge of N216.74 million was expected while net operating income is expected to stand at N5.49 billion.

VFD Group estimates its profit before tax will reach N1.51 billion, with an income tax expense of N452.67 million, leaving a profit of N1.05 billion for the period.

The company’s cash flow projections also paint an optimistic picture. Net cash generated from operating activities is expected to be N3.16 billion, while cash used in investing activities is forecasted at N6.4 billion.

On the financing side, the group projects cash generation of N8.81 billion, leading to a net increase in cash and cash equivalents of N5.57 billion.

By the end of Q4, cash reserves are expected to rise to N9.86 billion from N4.28 billion at the beginning of the quarter.

Although these numbers are projections, the forecast indicates VFD Group’s ability to manage its finances effectively in the face of economic uncertainties.

Zenith Bank Plc on Monday announced that it has obtained regulatory approval to extend its public offer and rights issue by two weeks.

In a statement released via the Nigerian Exchange Limited (NGX), the leading financial institution said its offers for both existing shareholders and new investors have been extended to September 23, 2024, from the initial closing date of September 9.

The bank attributed the extension to the nationwide protest that began on August 1, the same day the offers were opened.

Zenith Bank stated that the extension will provide shareholders with more opportunities to take advantage of the rights issue and allow the general public ample time to subscribe to the public offers.

Unity Bank Plc has projected gross earnings of N27 billion and a Profit After Tax of N4 billion in Q4, 2024, in its latest earnings forecast released to the Nigerian Exchange Group. 

Although the projected gross earnings represent a marginal increase from the N26 billion projected for Q3 2024, the lender continues to maintain a profitable outlook, with pre-tax profit expected at N4.2 billion.

An analysis of the earnings forecast shows that the lender also expects interest income to rise from N23 billion to N24.5 billion, with net revenue expected to rise marginally by 1.0% to N7.2 billion within the quarter compared to N6.5 billion in Q3, 2024.

Net operating income is projected at N12 billion, while cash flow from financing activities is projected to rise to N481.4 billion from N353.6 billion, a 1.3% projected increase on a quarter-on-quarter basis. This projected growth in cash flow from financing activities continues to reflect the lender’s growing liquidity position which is essential for sustained business operations.

The lender said it expects to cover the milestones with a consistent optimistic outlook in its projection, barring any significant changes in the operating environment, under which the assumptions were made.

The lender noted that it will continue to deliver top-notch customer-centric products and services, especially in the digital lending space following the roll-out of enhanced platforms and channels for superlative customer experiences.

Analysts are of the view that the Q4 forecast reflects a steady growth trajectory on the back of key performance indicators and strategic repositioning to hedge the challenging market conditions.