Vitafoam Nigeria Plc achieved a remarkable 56% growth in turnover, reaching N82.58 billion as the company expanded its market share in foams and household materials.
The interim report for the 12-month period ending September 30, 2024, released on the Nigerian Exchange (NGX), revealed that total sales rose from N52.99 billion in September 2023 to N82.58 billion in September 2024. Operating profit also saw an increase, climbing from N6.99 billion to N7.54 billion.
Despite this growth, profit before tax fell from N6.01 billion in 2023 to N1.525 billion in 2024. The cost of sales surged from N35.04 billion to N52.54 billion, a rise attributed to high foreign exchange costs and other operational expenses.
Group Managing Director Taiwo Adeniyi stated that the company is implementing proactive measures to tackle current challenges and maintain profitability.
He emphasized Vitafoam’s commitment to delivering value despite operating in an environment marked by high costs and reduced consumer purchasing power.
“Vitafoam has navigated challenging environments before and emerged stronger. We are taking proactive steps to mitigate current challenges and capitalize on emerging opportunities. Our focus is on providing sustainable value to our shareholders, customers, and stakeholders,” said Adeniyi.
He highlighted that over 95% of Vitafoam’s sales occur in Nigeria, supported by a diversified business model that includes six active subsidiaries. The Vitafoam Group comprises Vitafoam Sierra Leone Ltd, Vitapur Nigeria Ltd, Vitablom Nigeria Ltd, Vitavisco Nigeria Ltd, Vono Furniture Products Ltd, and Vitaparts Nigeria Ltd.
Adeniyi concluded by noting that the company is working diligently to enhance operational efficiency, and that its diverse product portfolio will drive future growth through innovative products and strategic investments.
CREDIT: Allneeds, THE NATION
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