CORPORATE ACTIONS 2017
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NEW PRODUCTS, EARNINGS FROM OFFSHORE OPERATIONS DRIVE VITAFOAM REBOUND
The management of Vitafoam Nigerian Plc recently presented its second quarter scorecard to investors. Besides coming earlier than the release date for the 2016 numbers,it revealed growth in top and bottom-lines that beat market expectation. The post-merger numbers also reflected impact of the company’s expansion drive outside the shores of Nigeria, just like introduction of new products that had boosted foreign exchange earnings and revenue from the domestic environment, as the company bounced back to profit. The numbers equally revealed a rise in sales revenue, indicating the effects of market penetration and new segments through introduction of new products, following the merger that is ensuring that the company is able to effectively withstand competition from the growing number of cottage companies in it sector resulting in enhanced sales. This is despite the high cost of borrowing and income tax that had eaten into its profit for the period under review. ...