WorldStage Newsonline– Vitafoam Nigeria Plc, a leading manufacturer of reconstituted foams and topnotch household materials, has declared that its profit before tax declined by 74.5% from N6.01 billion to N1. 53 billion as at Sept. 30, 2024, while the cost of sale rose from N35.04 billion to N52.54 billion.
The decline I despite a revenue of N82.58 billion, an increase of 56 per cent against the N52.99 billion achieved in the preceding year.
The Group Managing Director of the company, Mr Taiwo Adeniyi in a statement on Wednesday in Lagos said that the company posted an operating profit of N7.54 billion in contrast with N6.99 billion in the corresponding year.
He noted that the profit before tax decline were moderated by high cost of foreign exchange and other operational expenses.
He assured the investing public of Vitafoam’s commitment to delivering values in spite of the inclement operating environment, characterised by high operating costs and low consumer purchasing power.
“Vitafoam has always navigated challenging environments before and emerged stronger.
“We are taking proactive measures to mitigate current challenges and capitalise on emerging opportunities as our focus remains on delivering sustainable value to our shareholders, customers, and stakeholders.
“We are working diligently to improve operational efficiency and our diversified product portfolio will drive future growth.
“Our innovative products and strategic investments will enhance competitiveness,” he said.
