Vitafoam Plc reports 2% decline in pre-tax profits for FY 2022

Vitafoam Plc released its 2022 full-year results on Thursday, December 29, 2022, reporting a pre-tax profit of N7.214 billion.

This represents a 2% decrease from the N523.503 million the company reported during the same period in 2021.

Revenue

2022 FY: N46.310 billion
2021 FY: N35.404 billion
Change: +31%

Gross Profit

2022 FY: N15.397 billion
2021 FY: N13.677 billion
Change: +12.57%

Operating profit

2022 FY: N6.920 billion
2021 FY: N7.939 billion
Change: -12.83%

Finance cost

2022 FY: N704.986 million
2021 FY: N852.507 million
Change: -17.3%

Pre-tax profit

2022 FY: N7.214 billion
2021 FY: N7.341 billion
Change: -2%
Net Profit after tax
2022 FY: N4.522 billion
2021 FY: N4.597 billion
Change: -2%

Cash in hand

2022 FY: N15.278 billion
2021 FY: N10.697 billion
Change: +42.83%

Bottom line: The drop in pre-tax profits was due to the increase in the cost of sales and administrative expenses following inflationary pressure and depreciation of the naira.

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According to the financial statement of the company, the cost of sales grew by 42.28% to N30.912 billion in 2022 from N21.726 billion reported in 2021, consuming about 66.75% of N46.310 billion revenue of the group during the period under review.