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|
|USD (m)||USD (m)||USD (m)|
|Source: Vitafoam Nigeria|
|Conversion XE.com Feb 2019 USD 1=NGN 262|