Vitafoam Nigeria Plc, partly owned by Nigerian industrialist Samuel Bolarinde, delivered its strongest financial performance to date in 2025, driven by higher product prices, increased sales volumes, and a sharp drop in foreign exchange losses. The results mark a major turnaround for the Lagos-based manufacturer after a challenging prior year marked by currency volatility.
According to its audited accounts for the year ended Sept. 30, 2025, Vitafoam posted a profit after tax of N14.54 billion ($10.16 million), a dramatic 1,427 percent increase from N952.2 million ($665,600) recorded in 2024. The surge reflects improved operating efficiency and relative stability in the naira compared with the previous year.
The strong earnings were supported by robust demand for the company’s core products—foams, mattresses, and pillows—alongside a steep decline in currency-related losses. Foreign exchange losses fell to N619.3 million ($433,000), down from N12.72 billion ($8.9 million) in 2024, when naira depreciation significantly eroded profitability.
Revenue for the year climbed to N111.38 billion ($77.9 million), up from N82.64 billion ($57.7 million) a year earlier. Foam products accounted for most of the increase, with sales rising to N109.9 billion ($76.8 million) from N81.55 billion ($57 million). Revenue from furniture and other products also improved, growing to N1.51 billion ($1.05 million) from N1.08 billion ($750,000).
Nigeria remained Vitafoam’s largest market, generating N106.5 billion ($74.51 million) in revenue, compared with N79.2 billion ($55.41 million) in 2024. Sales outside Nigeria rose to N4.91 billion ($3.43 million) from N3.44 billion ($2.4 million), reflecting stronger contributions from regional operations.
Part of that growth came from Vitafoam’s factory in Sierra Leone, which supplies the domestic market and exports to neighboring countries including Guinea and Liberia. The company said demand from the facility continues to expand as distribution networks strengthen and brand awareness improves across the sub-region.
Vitafoam operates one of the largest foam manufacturing and distribution networks in West Africa. Samuel Bolarinde, who owns a 12.03 percent stake in the company, has previously served on the boards of Wema Bank Plc and Nigerian Breweries Plc and remains influential in shaping Vitafoam’s long-term strategy.
The strong performance also translated into a healthier balance sheet. Total assets rose to N65.3 billion ($45.6 million) as of Sept. 30, 2025, from N52.2 billion ($36.5 million) a year earlier, while shareholders’ equity increased to N35.5 billion from N25 billion. Retained earnings climbed to N25.9 billion ($18.11 million), up from N14.07 billion ($9.84 million).
On the back of its record results, the board declared a final dividend of N3 ($0.0021) per share, subject to withholding tax and shareholder approval. The dividend is scheduled to be paid on March 5, 2026, to shareholders on the register as of Feb. 6, 2026.
