Vitafoam declares N1.11 billion as profit in the first quarter of its financial year 2020/21

Nigeria’s leading manufacturer of flexible, reconstituted, and rigid foam products, Vitafoam Nigeria Plc, declares in its latest quarterly filings that it made a profit of N1.11 billion in the first quarter of its accounting year 2020/21.

This is according to the information and figures disclosed in the company’s Q1 2020/21 financial statements published by Vitafoam today during trading hours on the website of the Nigerian Stock Exchange.

The report revealed that the profit which Vitafoam made in the first quarter of its accounting year 2020/2021, rose by 35.72% when compared to the profit it made in the corresponding period of 2019/20.

Key Highlights

• Revenue increased to N8.67 billion, up by 44.82% Y-o-Y.
• Cost of sales increased to N5.80 billion, up by 69.19% Y-o-Y.
• Gross profit increased to N2.86 billion, up by 12.08% Y-o-Y.
• Other gains increased to N39.94 million, up by 99.27% Y-o-Y.
• Distribution costs increased to N277.36 million, up by 23.32% Y-o-Y.
• Administrative expenses decreased to N930.5 million, down by 5.65% Y-o-Y.
• Operating profit of N1.69 billion was recorded, indicating an increase of 24.34% Y-o-Y in operating profit.
• Finance income of N26 million was recorded during the period under review.
• Finance costs increased to N190.46 million, up by 4.28% Y-o-Y.
• Profit for the period increased to N1.11 billion, up by 35.72% Y-o-Y.