Lagos — Vitafoam Nigeria, which makes flexible PU foam in West Africa, recorded sales of NGN 22.3 bn ($61.7 m) in 2019. This is higher by 14% than in 2018.
Gross Profit across the business rose 52% and hit NGN 9 bn in 2019.
Sales are almost exclusively within Nigeria. The company has a large number of subsidiaries in Nigeria, as well as two overseas, in Ghana and Sierra Leone. Overseas sales accounted for NGN 563m in 2019. This is an increase of NGN 151m or 36% on the NGN 412m recorded in 2018.
Currency Exchange: XE.com