Vitafoam Nigeria Grows Nine-Month Profit by 45% as Revenue Tops N91.2 Billion

Vitafoam Nigeria Plc delivered a strong financial performance for the nine months ended June 30, 2026 with revenue and profit rising sharply as improved operating efficiency and lower finance costs strengthened earnings despite higher operating expenses.

According to the company’s unaudited consolidated financial statements, group revenue increased by 7.5 percent to N91.21 billion, compared with N84.87 billion recorded in the corresponding period of 2025.

The increase in sales was accompanied by improved profitability as gross profit rose 17.7 percent to N33.16 billion from N28.17 billion a year earlier.

The company also recorded higher gains from other operating activities with other gains increasing to N1.53 billion, compared with N924.59 million in the same period of 2025.

Despite increased investment in operations, administrative expenses rose to N9.67 billion from N7.52 billion, while distribution expenses increased modestly to N3.35 billion, compared with N3.10 billion recorded in the previous year.

Even with the higher operating costs, operating profit advanced 17.3 percent to N21.67 billion, up from N18.48 billion in the corresponding period of 2025.

A significant reduction in borrowing costs further boosted earnings. Finance costs declined by 72.4 percent to N1.34 billion from N4.87 billion recorded a year earlier, while finance income more than doubled to N427.74 million.

As a result, profit before tax surged 50.1 percent to N20.76 billion, compared with N13.82 billion in the same period of last year.

After accounting for a tax expense of N7.13 billion, profit after tax climbed 45.4 percent to N13.63 billion, up from N9.37 billion reported in the corresponding period of 2025.

Profit attributable to shareholders of the parent company rose to N12.55 billion, compared with N8.72 billion a year earlier, while earnings per share increased to 1,003.41 kobo, from 697.14 kobo, representing a 43.9 percent increase.

For the third quarter alone, Vitafoam generated N30.84 billion in revenue, compared with N29.69 billion in the same quarter of 2025.

Quarterly profit after tax increased to N3.99 billion, from N2.66 billion, while profit before tax rose to N6.02 billion, compared with N3.90 billion recorded a year earlier.

On the company’s standalone financial statements, revenue grew to N79.09 billion, while profit after tax increased to N11.50 billion from N7.73 billion during the corresponding period of 2025, highlighting improved performance across its core operations.

The results underscore Vitafoam Nigeria’s continued resilience despite a challenging operating environment, with stronger sales, improved margins and significantly lower finance costs supporting robust earnings growth.

With sustained demand for its products, disciplined cost management and a healthier financing structure, the company appears well positioned to maintain its growth momentum through the remainder of the financial year.