Vitafoam Records N4.52 Billion Profit After Tax In 9 Month

Vitafoam Nigeria Plc has reported N4.52 billion as profit after tax for nine months which ended 30th September 2022.

BrandNewsDay reports that this shows a slight N1.6% less than the amount the company reported during the same period last year.

The key highlights of the company’s financial performance are highlighted below.

Revenue

• 2022 H1: N46.31 billion
• 2021 H1: N35.40 billion
• Change: +31%

Cost of sales

• 2022 H1: N30.91 billion
• 2021 H1: N21.73 billion
• Change: +42

Gross Profit

• 2022 H1: N15.39 billion
• 2021 H1: N13.68 billion
• Change: +13%

Admin Expenses

• 2022 H1: N6.80 billion
• 2021 H1: N4.54 billion
• Change: +49%

Finance Cost

• 2022 H1: N704.99 million
• 2021 H1: N852.51 million
• Change: +17%

Earnings per share

• 2022 H1: N338.00
• 2021 H1: N339.00
• Change: +0.29%

Bottom line: Vitafoam during the period, the massive increase in revenue was derived from contracts with customers for the transfer of goods at a point in time in the following major product lines. Despite this, the increase in the cost of sales on the back of raw materials and consumables increased during the period as well as an increase in admin expenses, causing profit to record N1.6% less than the amount last year.