By Peter Egwuatu

Vitafoam Nigeria PLC, a leading manufacturer of flexible, reconstituted foams and topnotch household materials, has announced its financial statement for 3-month ended 31 December, 2024, recording N4.469 billion Profit Before Tax, representing about 100% increase from N2.236 billion posted in the corresponding year.

By the statement sent to the Nigerian Exchange Limited (NGX),the Group’s net profit rose by 91 percent to N2.980 billion from N1.562 billion, evidence of operational efficiency. In the review period, Earnings Per share, (EPS) increased by 94 per cent from 114 kobo in December 31,2023 to 221 kobo in December 2024. The Group’s Total Assets also rose to N58.173 billion from N51.348 billion, an increase of 13,29 per cent.

“We are pleased to report these impressive results, which demonstrate our commitment to delivering value to our 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.”, says the Group Managing Director and Chief Executive Officer, Taiwo Adeniyi.

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.