Vitafoam Nigeria plc, posted a massive loss, despite posting a 30.4 percent rise in its revenue in the 2017 financial year, which ended on September 30, 2017, one of the leading foam makers in Nigeria,
In its audited financial results released to the Nigerian Stock Exchange, NSE, on Monday, January 8, 2018, the foam manufacturer said its revenue leaped from N13.57 billion in the 2016 financial year to N17.7 billion in 2017.
According to the financial statements, the profit before tax of the firm slumped to N18.1 million in 2017 from N61.2 million, while the company further recorded a loss of N127.7 million in the period under review in contrast to N32.03 million loss in 2016. This was as a result of the huge amount paid as tax in the period under review, N145.8 million.
Vitafoam posted an operating profit of 1.3 billion as at September 30, 2017 against 888 million a year ago.
Also, value of its total assets stood at N13.4 billion as at September 30, 2017 against N13.3 billion at September 30, 2016.
During the period under review, Vitafoam said dividends of N125.04 million (N0.12 per share) which relates to year ended September 30, 2016 (2015 N245.7 million (N0.25 per share)) was paid in arrears in the year 2017.