Vitafoam declares 56% revenue growth 

Vitafoam Nigeria Plc, a leading manufacturer of reconstituted foams and top-notch household materials, has declared a revenue of N82.58 billion as at Sept. 30.

The Group Managing Director of the company, Mr Taiwo Adeniyi, in a statement, on Wednesday in Lagos.

Adeniyi said the figure was against the N52.99 billion achieved in the preceding year.

He explained that the growth translated to an increase of 56 per cent.

Adeniyi added that the company posted an operating profit of N7.54 billion in contrast with N6.99 billion in the corresponding year.

He, however, noted that Vitafoam’s profit before tax declined from N6.01 billion to N1. 53 billion, while the cost of sale rose from N35.04 billion to N52.54 billion.

He said that these were moderated by high cost of foreign exchange and other operational expenses.

He assured the investing public of Vitafoam’s commitment to delivering values in spite of the inclement operating environment, 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 capitalise on emerging opportunities as our focus remains on delivering sustainable value to our shareholders, customers, and stakeholders.

“We are working diligently to improve operational efficiency and our diversified product portfolio will drive future growth.

“Our innovative products and strategic investments will enhance competitiveness,” he said.