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Vitafoam plans diversification, expands to Ghana, Sierra Leone

By Michael Eboh

Vitafoam Plc has concluded plans to diversify into key sectors of the economy, declaring that it has expanded its operations to Ghana, while plans are in top gear to open shop in Sierra Leone.

The company has also concluded arrangements to reward its customers and key distributors across the country for their patronage over the years.

Speaking in Jos, Plateau state, during the state’s location of  the award ceremony, tagged, ‘Vitafoam Amazing Distributors/Recognition Awards 2009’, Chairman of the company, Chief Samuel Bolarinde, represented by Mr. Bashiru Lasisi, a director of the company, disclosed that the company is diversifying into the building, construction and oil & gas sectors with the introduction of innovative products.

He said, “The company has expanded its operations to Ghana and has concluded plans to move into Sierra Leone, in addition to the steps taken to play in the building, construction and Oil & Gas sectors of the economy with Polyurethane Rigid foam products for thermal insulation.”

He further stated that the award ceremony which will hold in the company’s regional sales locations in Jos, Kano, Uyo, Benin with the grand finale holding in Lagos, December 12, was instituted two years ago as a measure to stir up competition among its distributors and to encourage outstanding performances.

“The event has lived up to its billings with more and more distributors carting away prizes such as delivery vans, 25kva generators, television sets, fridges and other household items.

It has become necessary to take the event to the regions as a measure of respect for our esteemed distributors and also to give a majority of the distributors, opportunities to participate in the award,” he added.

Bolarinde disclosed that  despite the huge challenges faced by businesses globally as a result of the  worldwide economic crisis, the company has strived to cushion the effect on its operations and has remained profitable despite all odds.

He further stated that, the company, in its last audited result, recorded an increase in its turnover, from N6.15 billion in 2007 to N8.17 billion in 2008, while profit before tax improved from N652.28 million in 2007 to N1.01 billion in 2008.

According to him, its unaudited financial position for the year ended September 2009, indicates reasonable growth with hope of good returns to investors of the company.

He said, “As parts of strategies of remaining the major player in country’s foam industry and also in the West African sub-region, we recently launched the ‘Comfort Centre’, a one stop initiative. The centre is replete with products for sleeping, standing and sitting comfort of the consumer.

To provide customers with comfortable sleep and unique experience of vitality are the various brand of mattresses. Some of these include; the Vitasupreme, Vitagalaxy, Vitawill, Vitasafe and Vitaspring mattresses, among others


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