Vitafoam’s Revenue Up 56%, Assures Investors of Long-term Potentials

Vitafoam Nigeria Plc, a leading manufacturer of reconstituted foams and topnotch household materials has assured the investing public of its commitment to delivering values despite the inclement operating environment, characterised by high operating costs and low consumer purchasing power.

In a statement released to the Nigerian Exchange Limited (NGX) in line with its Post Listing Requirement of prompt dissemination of information, the Group’s unaudited interim financial results indicates a revenue of N82.58 billion as at 30th September, 2024 as against N52.99 billion in the preceding year, an increase of 56 per cent. The Group also posted an Operating Profit of N7.54 billion as against N6.99 billion in the corresponding year.

However, the Group’s Profit Before Tax declined from N6.01 billion to N1. 525 billion while the cost of sale rose  from N35.04 billion to N52.54 billion. These were moderated by high cost of forex and other operational expenses.

Group Managing Director and Chief Executive Officer of the company, Taiwo Adeniyi, said: “Vitafoam  has always navigated challenging environments before and emerged stronger. We are taking proactive measures to mitigate current challenges and capitalise on emerging opportunities. Our focus remains on delivering sustainable value to our shareholders, customers, and stakeholders. We are working diligently to improve operational efficiency. Our diversified product portfolio will drive future growth. Our innovative products and strategic investments will enhance competitiveness.”

Over 95 per cent of Vitafoam’s sales are made in Nigeria and the company’s six subsidiaries are up and running. The subsidiaries are: Vitafoam Sierra

Leone Ltd,; Vitapur Nigeria Ltd.; Vitablom Nigeria Ltd.; Vitavisco Nigeria

Nigeria Ltd.; Vono Funiture Products Ltd. and Vitaparts Nigeria Ltd.

The Head of Corporate Communication and Brand Management of the Chartered Institute of Bankers of Nigeria, Mrs. Folake Akintayo, attributed the CIBN Fellowship Award as an avenue to recognise the awardees’ meritorious services, commitment to professional responsibilities and valuable contributions to the industry and the economy at large.