Vitafoam Nigeria Plc, said its profit before tax grew to N4.469 billion in its first quarter (Q1) financial period ended December 31, 2024.
The company’s three-month released on the Nigerian Exchange (NGX) showcased significant growth despite the challenging operating environment.
The profit before taxation increased by 100 per cent from N2.237 billion in Q1, 2023 to N4.469 billion. The Group’s net profit rose by 91 percent to N2.981 billion from N1.563 billion, evidence of operational efficiency. In the review period, earnings per share increased by 94 per cent from 114 kobo in December 31, 2023 to 221 kobo in December 2024.
Revenue rose by 51.15 per cent to N28.799 billion as against N19.053 billion posted in the corresponding year. Cost of sales for the period under review stood at N20.068 billion higher than N12.425 billion in 2023, an increase of 61.52 per cent.
The Group’s total assets rose by 13.29 per cent to N58.173 billion from N51.348 billion, while total equity up by 15.42 per cent to N30.378 billion compared to N26.318 billion achieved in 2023.
Speaking on the company performance in Q1, Group managing director and chief executive officer of Vitafoam Nigeria, Taiwo Adeniyi stated that, “we are pleased to report these impressive results, which demonstrate our commitment to delivering value to our stakeholders despite the economic headwinds.”
He noted that, “our strategic focus on operational efficiency, innovative product offerings, and customer satisfaction has enabled us to navigate the challenging environment and achieve significant growth. We remain optimistic about the future and are confident that our strategies will continue to yield positive results.”
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