Vitafoam Nigeria Grows Q1 Profit by 123%

• Vitafoam Nigeria Grows Q1 Profit by 123%

Vitafoam Nigeria Plc started its new financial year on a stronger footing with considerable growth across key performance indices.

Key extracts of the interim report and accounts of Vitafoam Nigeria for the three-month period ended December 31, 2018 showed that turnover rose by 26.3 per cent while profits before and after tax doubled by 98.48 per cent and 123.14 per cent respectively.

Group turnover stood at N6.38 billion in December 2018 as against N5.05 billion recorded in comparable period of 2017. Profit before tax rose from N258.53 million to N513.12 million while profit after tax jumped from N162.17 million to N361.87 million. Earnings per share also increased from 13 kobo by December 2017 to 33 kobo in December 2018.

Group Managing Director Vitafoam Nigeria Plc Mr Taiwo Adeniyi said the company was poised to sustain its impressive growth in the years ahead.

He said the first quarter results of the company showed that its growth trajectory, which recovered from a net loss of N127.69 million in 2017 to a net profit of N601.92 million in 2018, is sustainable.

On the basis of the 2018 results, the board of Vitafoam Nigeria had recommended cash dividend of N260.51 million, representing a dividend per share of 25 kobo, in addition to bonus share of one new ordinary share of 50 kobo each for every five ordinary shares of 50 kobo each.

Key extracts of the audited report and accounts for the year ended September 30, 2018 showed that Vitafoam Nigeria recorded impressive growth in sales and profitability. Group turnover rose from N17.69 billion in 2017 to N19.53 billion in 2018. Profit before tax jumped from N18.13 million in 2017 to N793.85 million in 2018. After taxes, the company reversed net loss of N127.69 million recorded in 2017 with a net profit of N601.92 million in 2018. Earnings per share thus improved from a loss of 15 kobo in 2017 to a gain of 57 kobo in 2018.