Skip to main content
Sister Publication Links
  • Middle East Foam & Polyurethane
  • UTECH Asia/PU China
  • UTECH Europe
  • UTECH Las Americas
Subscribe
  • My Account
  • Login
  • Subscribe
  • Ukraine
  • News
    • Asia
    • Americas
    • Europe
    • M & A
    • Financial results
    • Automotive
  • Data
  • Information
    • Country Overview
    • Market Sector overviews
    • Technical articles
    • Company profiles and strategies
  • Events
    • Exhibitions
    • Conferences
    • Webinars / Livestreams
    • Become a Speaker
    • UTECH Europe 2021
  • Advertise
  • Contact Us
  • Issues
  • Subscribe
MENU
Breadcrumb
  1. Home
  2. News
February 22, 2019 12:00 AM

Vitafoam Nigeria Q1 2018 sales up as raw materials prices rise

Simon Robinson
  • Tweet
  • Share
  • Share
  • Email
  • More
    Print

    Lagos – Vitafoam Nigeria sales grew by 26% in the first quarter of 2018 compared with 2017. The details were published in a filing with the Nigerian Stock Exchange. The company closed its first quarter on 31 December 2018.

    At the same time, the company sold NGN 6.4bn ($17.6m) worth of products in the quarter, and generated a gross profit of NGN 1.7bn. This is up 16.5% on the same period in 2017.

    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 142m in the quarter.

    Meanwhile, there was a significant increase in the cost of raw materials and consumables in the first quarter of 2018. This figure rose from NGN 3.5bn in the first quarter of 2017 to NGN 4.6bn in the 2018 quarter. This represents a rise of 31%.

    Vitafoam Nigeria Q1 2018 Group numbers
    (NGN m) 2018 2017 % Change
    Sales 6389 5053 26.4
    Gross profit 1733 1488 16.5
    Margin 27.1 29.4
    USD (m) USD (m) USD (m)
    Sales 17.6 14.0 26.4
    Gross profit 4.8 4.1 16.5
    Margin % 27.1 29.4
    Source: Vitafoam Nigeria
    Conversion XE.com Feb 2019 USD 1=NGN 262
    Recommended for You
    Buxton Town Centre
    Here's to you, Simon Robinson
    freitag-covestro-circular-truck-tarp
    TPU powers Freitag’s circular ambition
    Owens Corning expands into spray foam
    Owens Corning expands into spray foam
    Latest Issue
    April/May 2022 issue
    Click HERE for Free Download
    View All Archives
    Get our newsletters

    Breaking news and in-depth coverage of essential topics delivered straight to your inbox.

    Subscribe today

    Register to access our archive of leading information on the polyurethanes industry.

    Subscribe now
    Connect with Us
    • Twitter
    • LinkedIn
    • Facebook
    • Youtube

    Follow us on social media for the latest polyurethanes industry news and event updates.

    Logo
    Contact Us

    Crain Communications
    11, Ironmonger Lane
    London
    EC2V 8EY
    United Kingdom

    Editorial
    Phone +44 (0) 20 3287 5935
    Email click to send

    Customer Service
    Phone +1 313 446 0450
    Email click to send

    Resources
    • Advertise with Us
    • Media Kit
    • Staff
    • Careers
    • Ad Choices Ad Choices
    • Sitemap
    Legal
    • Terms and Conditions
    • Privacy Policy
    • Privacy Request
    Copyright © 1996-2022. Crain Communications, Inc. All Rights Reserved.
    • Ukraine
    • News
      • Asia
      • Americas
      • Europe
      • M & A
      • Financial results
      • Automotive
    • Data
    • Information
      • Country Overview
      • Market Sector overviews
      • Technical articles
      • Company profiles and strategies
    • Events
      • Exhibitions
      • Conferences
      • Webinars / Livestreams
      • Become a Speaker
      • UTECH Europe 2021
    • Advertise
    • Contact Us
    • Issues
    • Subscribe