Vitafoam Posts Revenue Of N82.58bn For 2024

Vitafoam Nigeria Plc, posted a revenue of N82.58 billion in its unaudited interim financial statement for the year ended September 30, 2024.

The Company, a leading manufacturer of reconstituted foams and topnotch household materials 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.

The Company results released on the Nigerian Exchange Limited (NGX) revealed that the Group’s unaudited interim financial results indicates a revenue of N82.58 billion 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.

Speaking on the Company’s performance, the group managing director and chief executive officer of Vitafoam, Taiwo Adeniyi said that “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.”

He stated that “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 percent of Vitafoam’s Sales are made in Nigeria and the company’s six subsidiaries are up and running. The subsidiaries are; Vitafoam Sierra Leone, Vitapur Nigeria, Vitablom Nigeria, Vitavisco Nigeria Nigeria, Vono Furniture Products and Vitaparts Nigeria Limited.