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 14% higher by than in 2018. Gross profit across the business rose 52% to NGN 9 bn in 2019.
Sales are almost exclusively within Nigeria. The company has a large number of subsidiaries within the country, 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