Vitafoam Nigeria Plc, a leading manufacturer and distributor of mattresses and other bedding products, reported a significant drop in after-tax profit to N952.2 million for the nine months ending on September 30, 2024. Despite this decline, the company experienced a 56 percent increase in revenue, reaching N82.6 billion during the same period.
Taiwo Adeniyi, the group managing director and CEO of Vitafoam Nigeria Plc, expressed confidence in the company’s ability to navigate challenges and leverage opportunities for growth. He emphasized their commitment to delivering value to shareholders, customers, and stakeholders through operational efficiency and a diverse product portfolio.
Key highlights from Vitafoam’s financial results for the nine-month period include:
– A sharp decline in profit to N952.2 million
– A 56 percent growth in revenue to N82.6 billion
– A 44 percent increase in total equity to N25.03 billion
– A 35 percent rise in net assets to N17 billion
– A proposed dividend payment of N1.05K per ordinary share for approval by shareholders
Established in 1962, Vitafoam Nigeria Plc has evolved into a leading foam manufacturing company in Lagos, Nigeria. The company’s strategic alliances and acquisitions have enhanced its market position, with subsidiaries like Vitapur, Vitagreen, Vitavisco, and Vitablom offering innovative products in the furniture and building materials sectors. Vitafoam Nigeria Plc remains a key player in the industry, with a strong presence in Ghana and Sierra Leone.
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