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Vitafoam Nigeria Plc, a leading producer of rigid and flexible foam products partly owned by Nigerian industrialist Samuel Bolarinde, posted strong revenue growth in the first quarter of its 2026 fiscal year, building on a robust 2025 performance.
The company’s revenue rose to N31.7 billion ($22.8 million), up from N28.8 billion ($20.8 million) in the same period last year, driven largely by higher domestic sales of foam products and furniture. Revenue from markets outside Nigeria fell slightly to N1.19 billion ($0.85 million) from N1.3 billion ($0.93 million) a year earlier.
Vitafoam posts strong quarterly profit
The growth in revenue, paired with disciplined cost management, supported a notable rise in profitability. Vitafoam kept operating and direct costs under control, while finance costs fell sharply to N517 million ($0.37 million) from N1.17 billion ($0.84 million) in the first quarter of 2025. As a result, net profit rose to N4.58 billion ($3.3 million), from N2.98 billion ($2.14 million), lifting earnings per share to N3.35 ($0.00241) from N2.21 ($0.00159).
Total comprehensive income for the period also improved, reaching N3.76 billion ($2.71 million), compared with N2.76 billion ($1.99 million) in the prior year. The company said foreign exchange differences on the translation of its foreign operations contributed N817.8 million ($0.58 million), up from N214.7 million ($0.15 million) a year earlier.
Vitafoam posts strong asset, equity growth
Vitafoam, which has one of the largest foam manufacturing and distribution networks in West Africa, is partially owned by Samuel Bolarinde, who holds a 12.03 percent stake. Bolarinde, a former board member of Wema Bank Plc and Nigerian Breweries Plc, continues to play a role in guiding the company’s strategic direction.
The strong start to 2026 also strengthened Vitafoam’s balance sheet. Total assets grew to N70.04 billion ($50.51 million) as of Dec. 31, 2025, from N65.27 billion ($47.1 million) a year earlier. Shareholders’ equity rose to N39.3 billion ($28.3 million) from N35.5 billion ($25.6 million), while retained earnings climbed to N30.07 billion ($21.7 million) from N25.9 billion ($18.7 million). The results underscore Vitafoam’s capacity to expand earnings while maintaining financial discipline in a challenging market.
