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Key Points
- Vitafoam’s revenue jumped to $55.5 million in the first nine months of 2025, driven by strong demand for mattresses and pillows.
- Company returned to profit with $6.13 million, reversing last year’s $1.88 million loss, helped by cost cuts and higher operating income.
- Vitafoam expanded regionally through Sierra Leone, boosting exports to Guinea and Liberia as total assets climbed to $38.46 million.
Vitafoam Nigeria Plc, a major producer of rigid and flexible foam products partly owned by Nigerian industrialist Samuel Bolarinde, posted stronger-than-expected results for the first nine months of its 2025 fiscal year. The company’s revenue climbed to $55 million, underscoring steady growth in Nigeria’s foam manufacturing industry.
Vitafoam returns to profit on demand
According to its unaudited financial statements for the nine months ended June 30, 2025, Vitafoam’s revenue rose from N60.49 billion ($39.6 million) in the same period of 2024 to N84.87 billion ($55.5 million). This growth was largely driven by higher demand for its core products—mattresses, pillows, and other foam items—despite broader economic challenges.
The revenue boost helped the company swing back to profitability. Vitafoam recorded a profit of N9.37 billion ($6.13 million), compared to a loss of N2.88 billion ($1.88 million) during the same period last year. This turnaround came as the company cut costs, notably in administrative spending, and saw a rise in operating profit and finance income, which reached N18.84 billion ($12.32 million).
Foam maker eyes cross-border demand
Vitafoam’s strong showing further cements its position as a market leader in Nigeria’s foam industry. The company continues to rely on an extensive distribution network across the country and West Africa to reach customers. Bolarinde, who owns a 12.03 percent stake in the firm, remains a key figure in its strategic direction. The businessman, who has held board positions at major Nigerian firms such as Wema Bank Plc and Nigerian Breweries Plc, has played a consistent role in guiding Vitafoam’s growth and market focus.
In addition to its domestic operations, Vitafoam has steadily expanded into the wider West African region. Its factory in Sierra Leone is gaining ground, producing foam products for the local market and exporting to neighboring countries like Guinea and Liberia. Early signs suggest the expansion is paying off, with increased market acceptance and growing sales from that hub. This move ties into the company’s broader strategy to extend its regional footprint while improving access to quality bedding products.
Vitafoam reports solid asset growth
Following its strong performance, Vitafoam’s total assets rose from N51.35 billion ($34.24 million) as of September 30, 2024, to N58.77 billion ($38.46 million) by June 30, 2025. The company’s accumulated profit also rose from N14.07 billion ($9.2 million) to N21.48 billion ($14.1 million), while shareholders’ equity increased from N25 billion ($16.36 million) to N32.5 billion ($21.27 million).
