Finance

Vitafoam Plc posts over 50% revenue growth in audited financial result

Shareholders of Vitafoam Approve Cancellation of 1.14bn Unissued Shares

Vitafoam Plc has filed its audited financial statement for the year ended September 30, 2021, revealing a 51.02 per cent growth in revenue from N23.44 billion recorded in 2020 to N35.40 billion.

The consumer goods company, reported a profit after tax of N4.60 billion, reflecting significant growth of 17.39 per cent from N4.11 billion in the corresponding period of 2020. In the same period, the company’s operating profit stood at N7.94 billion.

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The financial statement revealed that revenue from the sale of its goods (Vitafoam) export during the period grew by 51.13 per cent from N22.61 billion to N34.17 billion, while revenue made from goods delivery was N1.23 billion up from N831 million in 2020.

It also revealed that revenue generated from within Nigeria increased by 51.35 per cent from N22.83 billion to N34.55 billion in the same period of 2020. Net profit for the period was subdued by some expense line items as revealed in the income statement.

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Distribution costs and administrative expenses for the period grew by 34.18 per cent and 10.46 per cent, respectively, from the prior-year period, subduing the operating profit and subsequently, net profit for the period.

During the period, other expenses that subdued the net profit include, Taxation for the period which appreciated by 58.59 from N1.73 billion to N2.74 billion.

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The company’s total assets increased by N10.15 billion from N21.64 billion recorded at the end of 2020 to N31.79 billion by 2021. Total equity, however, increased by N3.90 billion from year to date, to stand at N12.94 billion.

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