Despite COVID-19 and challenging business environment, Vitafoam Nigeria Plc grew net asset per share by 54.3 percent from N4.70 achieved in 2019 to N7.25 in 2020.
The company attributed the strong performance to improved innovation and expansion.
Vitafoam reported a 5.2 percent surge in total sales during the period, 8.1 percent decline in cost of sales and 11.4 percent reduction in finance.
Profit After Tax increased by 72 percent to N4.11 billion from N2.39 billion while basic earnings per share increased to N3.05 from N1.82.
Speaking on the company’s performance, Mr Taiwo Adeniyi, Group Managing Director and Chief Executive, said: “Innovation is the drive. As a matter of corporate policy, we do continuous improvement on our products.
“We sell high margin products. We are highly connected with our customers. We know their different needs and as such our products always gain acceptance in the market. Our foams and other products meet specific needs.
“Last year, we launched Buy Rights when our research revealed that different weights require different types of foams. We do not just sell to customers, we offer health counselling to advise on the specific foam for individual customers. This has greatly endeared us to our customers.
“Our investment in the subsidiaries as a growth strategy is beginning to pay off. All of them have turned profitable. We are not insulated from the tough operating environment as all the indices that should drive growth in the manufacturing sector are weak.”
