Vitafoam Nigeria Plc increased revenue by 56 per cent to N82.58bn in the third quarter of 2024 from N52.99bn in the prior period of last year.
In a statement released to the Nigerian Exchange Limited on Wednesday, in line with its post-listing requirement, it has assured the investing public of its commitment to delivering value despite the inclement operating environment, characterised by high operating costs and low consumer purchasing power.
However, the group’s profit before tax declined from N6.01bn to N1.525bn while the cost of sale rose from N35.04bn to N52.54bn, moderated by the high cost of forex and other operational expenses.
“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.
“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,” says the Group Managing Director and Chief Executive Officer, Taiwo Adeniyi.
Over 95 per cent of Vitafoam’s Sales are made in Nigeria and the company’s six subsidiaries are up and running.
The subsidiaries are Vitafoam Sierra Leone Ltd; Vitapur Nigeria Ltd.; Vitablom Nigeria Ltd; Vitavisco Nigeria Nigeria Ltd.; Vono Furniture Products Ltd. and Vitaparts Nigeria Ltd.