Vitafoam attributes performance to innovative products

The Group Managing Director/ Chief Executive Officer, Vitafoam Nigeria Plc, Mr Taiwo Adeniyi, has attributed the company’s profitability trajectory to innovative products and services.

Adeniyi made the remarks in a statement made available to our reprorter on Wednesday in Lagos.

He said in spite of the inclement operating environment, Vitafoam had remained resilient with an average gross margin of 37.90 per cent in the last five years.

Adeniyi added that the company’s shares was one of the most sought after on the Nigerian Exchange (NGX) Ltd., due to track record of consistent profitability.

Adeniyi, while addressing members of the Organisation for Technology Advancement of Cold Chain in West Africa {OTACCWA), and Nigerian Institute of Architects (NIA), during their facilities tour of Vitapur’s plant explained that Vitafoam was no longer just about manufacturing of rigid foams.

He said the company had developed other innovative products through its subsidiaries in Nigeria and overseas.

“Vitafoam is consolidating into core business with the introduction of innovative value added products and services. The company is a full range solution provider for bedding and allied products.

“It operates strong Comforr Centres as one stop shop for discerning consumers, including baby products The quality products across its subsidiaries provide multiple choice for its different classes of consumers.

“Vitapur Nigeria manufactures insulation boards, and sandwich panels amongst others, Vitavisco produces elastic foam, pillow, and foam sheet used for construction, Vono produces metal and wood furniture, Vitablom and the new baby, Vitapart are into oil filtering production, the first of its type in the West Africa,” Adeniyi said.

Vitapur’s General Manager, Mr Yemi Mofikoya, said that the Vitapur was willing to partner with the Federal Government for fiscal incentives to expand its operations and take advantage of the African Continental Free Trade Area (AfCFTA) to export mass building materials and earn forex for Nigeria.

The President of OTACCWA, Mr Alexander Isong, commended the management of Vitapur for the state-of-the-art factory.

“It meets standard and the management should support the vibrant staff at the laboratory line,” Isong said.