Group Managing Director, Vitafoam Nigeria Plc, Taiwo Adeniyi, has attributed the drop in the company’s profit recorded in the financial year ended December 31, 2015 to tough operating environment.
Adeniyi, who assured the shareholders of higher value, expressed concern about the effects of forex scarcity and imported raw materials on the production of foams in Nigeria.
Vitafoam’s profit before tax fell by 24 per cent to N534 million, from N709 million, while profit after tax recorded a higher decline of 42 per cent to be at N249 million, down from N435 million in 2014.
It recorded a growth of 8.8 per cent in revenue, rising from N16.713 billion to N17.185 billion, while gross profit rose marginally by 0.7 per cent to N5.433 billion, from N5.395 billion in 2014.
