Vitafoam Nigeria, listed on the Nigerian Stock Exchange, is holding its Annual General Meeting with the following details:
|Venue||:||Radisson Blu, Isaac John Street, Ikeja Gra|
A peep into Vitafoam’s Q3 2020 performance:
The company recorded reported N4.11 billion profit in 2020 as against N2.39billion reported in 2019 for the period ended September 30th, 2020. Also, profit before tax also grew by 62 per cent to N5.65billion in 2020 from N3.5billion reported in 2019.
Key financial metrics
- Revenue grew by 5% to N23bn from N22bn in the previous quarter.
- Profit before tax grew by 62% to N5.6bn.
- Profit after tax grew by 72% to N4.1bn.
Net Assets grew by 51% from N6bn to N9bn.
- Vitafoam Nigeria reports a 72% increase in profit to N4.11 billion in 2020 Brandnewsday
Meanwhile, the company has proposed a dividend of N979.410 million for the year, a 64% improvement over N595.434 million declared in 2019.
The company reported a 57 per cent increase in total assets to N21.6billion in 2020 as against N13.8billion reported in 2019.
Vitafoam Nigeria Plc manufactures and sells a range of flexible, reconstituted and rigid foam products in Nigeria. It is the largest foam manufacturing company in the country with an extensive distribution network which includes exporting to other countries in Africa.
Vitafoam is a household name in Nigeria and known for its quality products and being a leader in innovation and advanced sleep technology.