Lagos, Nigeria -- Flexible foam specialist Vitafoam Nigeria reported sales of N8.85bn (EUR36.1m) during the first quarter of 2014 – a 1% increase on sales during the same period in 2013 (N8.78bn).
The gross profit on this revenue, according to the company’s accounts, is N2.90bn – a 10% hike on the company’s gross profit for Q1 2013 - N2.63bn. The report said the increase was indicative of “better management of direct costs.”
The company’s profit before taxation was recorded at N599m for the three-month period to 31 March, 2014 – a rise of 2.3% on the previous year’s Q1 pre-tax profit margin of N585m.
During the full financial year 2013, the company reported a turnover of N16.3bn – nearly 13 % higher than 2012 (N14.4bn), Vitafoam Nigeria said.
XE currency conversion: 28 May, 2014