Lagos – Vitafoam Nigeria, which makes flexible PU foam in west Africa, generated group sales of NGN23.4bn ($5.9m) in 2020. This is up 5.41% on the previous financial year.
Gross profit across the business increased by 25% to NGN 11 bn in 2020.
The company’s sales are almost exclusively within Nigeria. It has a large number of subsidiaries within the country, as well as one in Sierra Leone. It discontinued operations in Ghana in 2019.
The company tried to sell the Sierra Leone business in 2019, but decided in September 2020 to keep making foam there. ‘[The plant is making] products of a high-quality standard with good margin,' the company’s annual report said. ‘This subsidiary has commenced export of products to Guinea whilst strengthening collaboration with the government of Sierra Leone and other humanitarian agencies towards mass production and distribution of quality mattresses in Sierra Leone.’