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 finished products throughout West African Sub region. Incorporated on 4th August, 1962 and listed on the floor of the Nigerian Stock Exchange in 1978, Vitafoam’s brands remain household names in the Country.
Over the years, the company has shown a steady increase in its performance as shown in the graph above. However, the company’s turnover decreased marginally from N15.51 billion in 2014 to N15.58 billion in 2015. Gross profit also declined from N926 million to N810 million in the period under review, while profit after tax decreased from N659 million to N517 million. The performance of the company in 2015, was a stark reflection of macro-economic turbulence characterized by foreign exchange volatility, a decline in oil revenue, high input costs and high operational cost. In 2016 the economy of the nation faced a downturn
However from 2017 to 2020, the company experienced a great level of improvement across all sectors of the business. Despite the crippling impact of Covid-19 pandemic on the economy in 2020, profit before tax grew exponentially from N3.49billion in the previous year to N5.64billion in the year under review, while profit after tax also increased from N2.38 billion in 2019 to N4.10billion in 2020. In addition, following from the graph above, in 2020.
EBIT margin increased by 38%, Proit after tax margin by 51%, EBITDA margin by 41% and Gross profit margin by 19%. It was indeed a remarkable growth year for Vitafoam Nigeria Plc.
