Vitafoam Nigeria Plc, a manufacturer of reconstituted foams and household materials has assured the investing public of its commitment to delivering values despite the inclement operating environment, characterized by high operating costs and low consumer purchasing power.
In a statement released to the Nigerian Exchange Limited (NGX) in line with its Post Listing Requirement, the Group said it’s unaudited interim financial results indicates a revenue of N82.58bn as of 30th September , 2024 as against N52.99bn in the preceding year, an increase of 56 per cent.
The Group also posted an Operating Profit of N7.54bn as against N6.99bn in the corresponding year.
The Group’s Profit Before Tax stood at N1.525bn from N6.01bn while the cost of sale rose from N35.04bn to N52.54bn which according to the company were moderated by high cost of forex and other operational expenses.
The Group Managing Director and Chief Executive Officer, Taiwo Adeniyi commenting on the result said, “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 competitivenes”.