Vitafoam Nigeria Plc. has disclosed its financial statement for the year ended 30 September, 2016 and the its books are not looking good.
The company recorded a net loss of NGN198 million for the period compared to NGN227 million net profit in the previous year.
The company recorded a gross revenue of NGN13.5 billion compared within the period in 2016 in contrast to its NGNto 16,8 billion same time 2015, which represents a 19% decrease in its revenue.
Total asset for the period rose to NGN13.3 billion compared to NGN12 billion in the year before. However, its total liabilities rose to NGN9.8 billion versus NGN9.5 billion in the year before.
Corporate information (NSE disclosure)
Vitafoam Nigeria Plc is Nigeria’s leading manufacturer of flexible, reconstituted and rigid foam products. It has the largest foam manufacturing and distribution network which facilitates just-in-time delivery of its products throughout Nigeria. Incorporated on 4th August, 1962 and listed on the floor of the Nigerian Stock Exchange in 1978.
Vitafoam’s successful brands remain household names in the country.It was the first Foam Manufacturing Company in Nigeria to subject its quality system to the Quality Management System championed by the Standards Organisation of Nigeria (SON). The NIS 1SO 9002 Certificate was obtained in 2001 and upgraded to NIS ISO 9001:2000 in 2004.