In the third quarter, Vitafoam Nigeria Plc doubled its pre-tax profit to N4.47 billion.
Key extracts of the interim report and accounts of the company for the nine months ended December 31, 2024, released at the Nigerian Exchange (NGX) showed group profit before tax rose by 100 percent from N2.24 billion in December 2023 to N4.47 billion in December 2024. Net profit rose by 91 percent to N2.980 billion from N1.562 billion, evidence of operational efficiency.
With these, earnings per share (EPS) increased by 94 percent from N1.14 in December 2023 to N2.21 in December 2024. The group’s total assets also rose to N58.173 billion from N51.348 billion, an increase of 13.29 percent.
Group Managing Director, Vitafoam Nigeria Plc, Mr. Taiwo Adeniyi, said the results demonstrated the group’s commitment to delivering value to stakeholders despite the economic headwinds.
“Our strategic focus on operational efficiency, innovative product offerings, and customer satisfaction has enabled us to navigate the challenging environment and achieve significant growth. We remain optimistic about the future and are confident that our strategies will continue to yield positive results,” Adeniyi said.
Vitafoam’s sales cut across other countries. The group comprises six subsidiaries – Vitafoam Serria Leone Ltd; Vitapur Nigeria Ltd; Vitablom Nigeria Ltd; Vitavisco Nigeria Ltd; Vono Furniture Products Ltd and Vitaparts Nigeria Ltd.