Vitafoam Nigeria Plc has released its consolidated and separate financial statements for the year ended September 30, 2017. Highlights of the result show group revenue for the period grew by 30.41percent to N17.695billion from N13.569billion in the corresponding year of 2016.
Vitafoam Nigeria Plc subsidiaries are: Vitafoam Ghana Limited, Vitafoam Sierra Leone Limited, Vitapur Nigeria Limited, Vitablom Nigeria Limited, Vitavisco Nigeria Limited, Vono Furnitures Products Limited, Vitagreen Nigeria Limited, and Vitaparts Nigeria Limited.
The group gross profit rose by 9.18percent to N5.089billion from N4.661billion in 2016. Operating Profit increased by 50.20percent to N1.333billion from N888. Profit before Tax (PBT) for the period under consideration also dropped by 70.37percent on the back of higher finance costs to N18.13million from N61.20million in 2016; while Loss After Tax (LAT) widened by 298.63percent to N127.69million from N32.03million in 2016.
Despite this result, the board of Vitafoam Nigeria Plc recommended a dividend of N156.3million representing 15kobo per share for the financial year under review. The company has a consistent policy on dividend and bonus issue, thus posting adequate return on investment.
Shareholders Fund dropped by 1.72percent to N3.373billion from N3.432billion recorded in the preceding year 2016. Total Asset at N13.410billion shows an increase of 1.06percent from N13.269billion in 2016.
Vitafoam Nigeria Plc is Nigeria’s leading manufacturer of flexible, reconstituted and rigid foam products. It has the largest foam manufacturing and distribution network which facilitates just-in-time delivery of its products throughout Nigeria. Incorporated on 4th August, 1962 and listed on the floor of the Nigerian Stock Exchange in 1978. Vitafoam’s successful brands remain household names in the country.