Vitafoam Nigeria Plc, a number one producer of inflexible and versatile foam merchandise partly owned by Nigerian industrialist Samuel Bolarinde, closed its 2025 monetary 12 months with its strongest consequence on document, as improved pricing, greater gross sales volumes and sharply decrease overseas trade losses mixed to raise revenue to historic ranges.
Revenue jumps on gross sales, FX reduction
The Lagos-based producer of inflexible and versatile foam merchandise reported a profit after tax of N14.54 billion ($10.16 million) for the 12 months ended Sept. 30, 2025, in keeping with its audited monetary statements. That represents a 1,427 % enhance from N952.2 million ($665,600) within the 2024 monetary 12 months, reflecting stronger working efficiency and a extra steady naira.
The surge in earnings is linked to greater income from core merchandise comparable to foams, mattresses and pillows, alongside a steep discount in overseas trade losses. Foreign money-related losses fell to N619.3 million ($433,000) throughout the 12 months, in contrast with N12.72 billion ($8.9 million) a 12 months earlier, when the naira’s depreciation towards the U.S. greenback weighed closely on outcomes.
Income jumps as Nigeria, area develop
Income for the 12 months climbed to N111.38 billion ($77.9 million), up from N82.64 billion ($57.7 million) in 2024. Gross sales of froth merchandise accounted for the majority of that enhance, rising to N109.9 billion ($76.8 million) from N81.55 billion ($57 million). Income from furnishings and different merchandise additionally improved, rising to N1.51 billion ($1.05 million) from N1.08 billion ($750,000).
Nigeria remained its principal market, producing N106.5 billion ($74.51 million) in income, in contrast with N79.2 billion ($55.41 million) a 12 months earlier. Gross sales exterior Nigeria rose to N4.91 billion ($3.43 million) from N3.44 billion ($2.4 million), reflecting positive factors from regional operations.
That development exterior Nigeria is being pushed partially by Vitafoam’s manufacturing facility in Sierra Leone, which provides foam merchandise to the native market and exports to neighboring international locations together with Guinea and Liberia. The corporate mentioned demand from the ability has continued to construct as distribution improves and model consciousness will increase throughout the sub-region.
Vitafoam earnings raise property, dividend
Vitafoam, partly owned by Nigerian industrialist Samuel Bolarinde, operates one of many largest foam manufacturing and distribution networks in West Africa. Bolarinde, who holds a 12.03 % stake, has beforehand served on the boards of Wema Financial institution Plc and Nigerian Breweries Plc and stays concerned in shaping the corporate’s long-term course.
The sturdy earnings translated right into a firmer stability sheet. Whole property rose to N65.3 billion ($45.6 million) as of Sept. 30, 2025, from N52.2 billion ($36.5 million) a 12 months earlier. Shareholders’ fairness elevated to N35.5 billion from N25 billion, whereas retained earnings climbed to N25.9 billion ($18.11 million) from N14.07 billion ($9.84 million).
On the again of its spectacular monetary outcomes, the board declared a final dividend of N3 ($0.0021) per share, topic to withholding tax and shareholder approval. The dividend can be paid on March 5, 2026, to shareholders on the register as of Feb. 6, 2026.
