Vitafoam Nigeria Plc has reported 59.2 per cent increase in profit to N3.41billion in nine months ended September 30, 2021 unaudited results as against N2.14billion reported in nine months of 2020.
The Household Durables company on the Nigerian Exchange Limited (NGX) also reported 55.12 per cent increase in profit before tax to N4.7billion in period under review from N3.05billion reported in prior period results.
About 63 per cent growth in revenue to N26.8billion in nine months of 2021 from N16.47billion reported in nine months of 2020 drive profits.
The breakdown of revenue revealed that N26.39billion reported in nine months of 2021 from N16.02billion in nine months of 2020, while revenue generated outside Nigeria dropped by 2.6per cent to N440.2million in nine months of 2021 from N451.96million reported in nine months of 2020.
The company stated that its primary geographical segment is Nigeria, stressing that over 99.9per cent of the sales of the company are made in Nigeria.
Meanwhile, total assets of Vitafoam Nigeria rose by 26 per cent to N27.19billion as at June 30, 2021 from N21.64billion reported in full year ended September 31, 2020.
The Chairman of Vitafoam Nigeria, Bamidele Makanjuola, had disclosed to shareholders last year that following the economic downturn of recent years, the firm took strategic decision to re-engineer its entire business with special focus on products quality and innovation, market differentiation, customer service and consumer education.
He stated that improved performance of the company could be attributed to the great strides made in cost suppression and sustained positive trends to expand the frontiers of growth in the coming years.
Group Managing Director, Vitafoam Nigeria , Taiwo Adeniyi expressed the company’s determination to ensure its financial performance continues to improve regardless of the nature of the operating environment and this always translate to higher