Prime Business Africa
Vitafoam Nigeria reported a 35 percent growth in its revenue for the period between January and September 2025, overshadowing the N82.63 billion recorded in the first nine months of 2024.
In the company’s consolidated and separate financial statements for the year ended September 30, 2025, the mattress manufacturer said production costs gulped N70.42 billion, compared to the N52.33 billion expended in the corresponding period last year.
Join our WhatsApp ChannelWhile the cost of sales increased by 34.56 percent, it gulped 63.22 percent of Vitafoam’s revenue during the period under review this year, slightly below the 63.32 percent gulped in 2024.
The company said gross profit increased by 35.14 percent to N40.95 billion between the first quarter (Q1) and third quarter (Q3) of 2025, surpassing the N30.30 billion earned in the same period last year.
Also, Vitafoam said distribution expenses grew by 41.38 percent year-on-year, from N2.88 billion to N4.08 billion, and administrative expenses increased by 27.43 percent, from N8.17 billion to N10.42 billion.
However, finance costs dropped to N5.81 billion in the first nine months of 2025, from the N6.77 billion reported in 2024, indicating a 14.20 percent decrease.
Similarly, Vitafoam suffered a 98.74 percent decline in finance income, which decreased from N866.56 million recorded between Q1 and Q3 last year, to N10.91 million in the same period this year.
In addition, the producer said it recorded N21,48 billion as profit before tax (PBT) between January and September 2025, compared to the N1.14 billion earned in 2024, representing a 1,775.49 percent growth.
Vitafoam also reported a surge in tax expense, which increased by 3,495.04 percent year-on-year, from N193.13 million to N6.94 billion.
As a result, Vitafoam closed the period under review with N14.53 billion profit after tax (PAT), compared to the N952,19 million reported the previous year, reflecting a growth of 1,426.71 percent.
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Prime Business Africa is a business, economy and policy news platform founded in 2021 by veteran journalist and media scholar, Dr Marcel Mbamalu, after he left The Guardian as Editor.
Dr Mbamalu, who serves as Founder and Publisher, set up Prime Business Africa to deliver sharp, data-driven reporting on Nigeria’s markets, trade, investment, and governance trends for decision-makers, entrepreneurs, and policy leaders.
He also writes The Bottom Line, a backpage column for Punch Newspaper every Thursday.
Under his leadership, Prime Business Africa combines deep newsroom experience with a focus on accountability journalism, aiming to bridge information gaps between Africa’s private sector and the global economy.
