Vitafoam Nigeria Plc, a manufacturer and distributor of mattresses and other beddings, recorded an 89 percent decline in after-tax profit to N952.2 million for the nine months period ended September 30, 2024.
However, the firm saw a 56 percent increase in revenue to N82.6 billion in the nine months of 2024.
“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,” Taiwo Adeniyi, group managing director and chief executive officer of Vitafoam Nigeria Plc said.
“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,” he said.
He stated that over 95 percent of Vitafoam’s sales are made in Nigeria and the company’s six subsidiaries are up and running. The subsidiaries are: Vitafoam Sierra Leone Limited; Vitapur Nigeria Limited; Vitablom Nigeria Limited; Vitavisco Nigeria Nigeria Limited; Vono Furniture Products Limited. and Vitaparts Nigeria Limited.
Here are five highlights in Vitafoam nine months financials:
Profit for the period slides to N952.2m
Vitafoam saw an 89 percent decline in after-tax profit to N952.2 million in the nine months of 2024 from N4.37 billion in the same period of 2023.
Revenue grew 56%
Vitafoam recorded a 56 percent increase in revenue to N82.6 billion in the nine months of 2024 from N52.9 billion in the similar period of 2023.
Total equity surged by 44%
The firm’s total equity increased to N25.03 billion in the nine months of 2024 from N17.4 billion in the same period of 2023 which indicates a 44 percent increase during the reviewed period.
Net assets grew 35 percent
Net assets grew by 35 percent to N17 in the nine months of 2024 from N13 in the same period of 2023.
Dividend payment
The board of directors has recommended a dividend payment of N1.05K per ordinary share of 50kobo each for approval by shareholders. If approved at the meeting, the dividend will be credited, less the appropriate withholding tax, on March 6, 2025, to the bank accounts of shareholders whose names appear in the Register of Members at the close of business on February 14, 2025, and who have completed the e-dividend registration and mandated the registrars to pay their dividends directly into their bank accounts.
Founded by British Vita in a partnership with local distributor G.B. Ollivant in 1962, for Vitafoam Nigeria Plc, the production of latex foam pillows and mattresses began in 1963 at Ikeja Industrial Estate then under new laws effective in 1978, British Vita reduced its equity from 50 percent to 20 percent.
In 2011, the firm entered into a strategic alliance with struggling competitor Vono Products before purchasing the company. The purchase of Vono Products increased the company’s share of the furniture market. In the 2000s, the company expanded its product offering by investing in modern sleep options that are now managed by four of its subsidiaries: Vitapur, Vitagreen, Vitavisco, and Vitablom. Vitapaur offers insulation-friendly building materials.
Vitafoam Nigeria Plc is a foam manufacturing company based in Lagos, Nigeria. It is one of Nigeria’s largest foam manufacturers, producing both flexible and rigid polyurethane products. The company also has an interest in Vitafoam Ghana and Vitafoam Sierra Leone.
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