Vitafoam grows turnover by 56% to N82.6 billion
Vitafoam Nigeria Plc grew its turnover by 56 per cent to N82.58 billion as the foams and household materials group continued to expand its market share.
Key extracts of the interim report and account for the 12-month period ended September 30, 2024 released at the Nigerian Exchange (NGX) showed that total sales increased from N52.99 billion by September 2023 to N82.58 billion by September 2024. Operating profit increased from N6.99 billion to N7.54 billion.
However, profit before tax declined from N6.01 billion in 2023 to N1. 525 billion in 2024. Cost of sale had risen from N35.04 billion to N52.54 billion. The company attributed the increase in cost to high cost of foreign exchange (forex) and other operational expenses.
Group Managing Director, Vitafoam Nigeria Plc, Mr. Taiwo Adeniyi said the company is taking proactive measures to address current challenges and ensure sustained profitability.
He said the company remains committed to delivering values despite the challenges in the operating environment, as characterised by high operating costs and low consumer purchasing power.
“Vitafoam has always navigated challenging environments before and emerged stronger. We are taking proactive measures to mitigate current challenges and capitalize 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,” Taiwo said.
He outlined that more than 95 per cent of Vitafoam’s sales are made in Nigeria through its diversified businesses consisting of six active subsidiaries. Vitafoam Group includes Vitafoam Sierra Leone Ltd, Vitapur Nigeria Ltd, Vitablom Nigeria Ltd, Vitavisco Nigeria Nigeria Ltd, Vono Funiture Products Ltd and Vitaparts Nigeria Ltd.
