Vitafoam Nigeria (VITAFO.ng)

Vitafoam Nigeria Plc operates as a prominent manufacturer within the diversified foam and furnishing industry, with its headquarters located in Ikeja Industrial Estate, Lagos, Nigeria.

Core Business Activities

Vitafoam Nigeria Plc is Nigeria’s leading manufacturer of flexible, reconstituted, and rigid foam products, along with a comprehensive range of allied products. Its extensive product portfolio includes foam, spring, and orthopedic mattresses, pillows, cushions, complete bed sets, and various complementary items. The company also excels in fibre and textile-based products, producing unique items like the Jumbo Pillow, Gazelle Pillow, Flip Pillow, Music Pillow, and Vita Duvet, alongside textile linens and scouring sponges.

Through its subsidiaries, the Group has expanded its offerings to include high-quality wood and metal furniture via Vono Furniture Products Limited, and spin-on and cartridge vehicle oil filters through Vitaparts Nigeria Limited. Vitapur Nigeria Limited, another key subsidiary, specialises in rigid foam products and is a pioneer in insulation solutions for construction, agriculture, oil and gas, food processing, and pharmaceuticals. Vitavisco Nigeria Limited focuses on visco-elastic (memory) foam products for the furniture and automobile industries, including vehicle seats, bumpers, bushings, and other PU-based elastomers, as well as Polyethylene Foam Sheets and EPE Pipes.

Vitafoam boasts the largest foam manufacturing and distribution network in Nigeria, ensuring just-in-time delivery across the West African sub-region. The Group has successfully expanded into Sierra Leone, where its factory produces for local sale and exports premium products to Guinea and Liberia.

Market Position

Vitafoam Nigeria Plc has firmly established itself as a market leader in the manufacturing and distribution of flexible and rigid foam products across Nigeria. The company is transitioning to become a full-range provider of household bedding (soft furniture) and hard furniture solutions, aiming to increase its market share in the comfort and lifestyle industry. Its commitment to quality has earned multiple awards, including the Gold Certificate Award for most products, and it was the first foam manufacturer in Nigeria to achieve NIS ISO 9002 certification, later upgraded to ISO 9001:2015. This dedication to quality, coupled with a vast array of high-quality, innovative products and a national spread with operational sites in Aba, Ikeja, Jos, and Kano, solidifies its competitive strength and unique selling proposition.

Number of Employees

As of the year ended 30th September 2024, Vitafoam Nigeria Plc and its subsidiaries employed a total workforce of 666 individuals. This represents a slight decrease from 677 employees in the previous year, with a breakdown of 179 in management and 487 in non-management roles for the group.

Financial Highlights (Extracted from the Annual Report for the year ended 30 September 2024)

For the year ended 30th September 2024, Vitafoam Nigeria Plc reported a robust financial performance. The Group achieved a revenue of N82,639,888 thousand, marking a significant 56% increase from the previous year’s N52,986,466 thousand. Despite this revenue growth, profit before income tax for the Group saw a decrease of 82%, moving from N6,004,112 thousand in 2023 to N1,145,324 thousand in 2024. Profit for the year similarly decreased by 89% to N952,190 thousand from N4,373,957 thousand in 2023. Total Equity demonstrated strong growth, increasing by 44% to N25,029,783 thousand from N17,406,078 thousand in 2023.

Mission or Vision Statement

Vitafoam Nigeria Plc is driven by a collective commitment to a culture of integrity, accountability, and transparency. The company’s goal is to remain a responsible and responsive corporate entity, dedicated to ensuring healthy and comfortable living for its customers, while making a positive contribution to the overall growth and development of the country through sustainable practices, innovation, and community engagement.

Key Figures (Group, as at 30 September 2024)

• Revenue: N82,639,888 thousand
• Profit before income tax: N1,145,324 thousand
• Profit for the year: N952,190 thousand
• Total Equity: N25,029,783 thousand
• Number of Employees: 666
• Number of Shareholders: 42,068
• Basic Earnings per Share: 29 kobo
• Net Assets per Share: N2,001

Sustainability Focus

Sustainability is a foundational core value at Vitafoam Nigeria Plc, guiding its approach to responsible corporate activities, environmental care, and occupational health and safety. The company is committed to sustainable practices and adheres to national, state, and internal environmental policies and regulations.

Key environmental initiatives include regular monitoring of its environmental impact, conducting Environmental Impact Assessments (EIA) for new projects, and implementing Environmental Audits with Environmental Management Plans (EMP) for ongoing operations. The company actively manages energy by using the national grid with diesel-powered generator backups, which are routinely maintained for efficiency. Air quality is a priority, with exhaust gases filtered through fume extractors and activated carbon filters, and strict prohibitions on smoking and waste incineration. Dust levels are controlled with extractor fans, and personal protective equipment (PPE) is mandatory for staff.

Noise and vibration are managed through silencers on equipment, vibration-isolating platforms, and noise-proof ducting in ventilation systems. Water for factories is sourced from boreholes, with drinking water treated for safety. Waste management is robust, with 98% of solid waste (foam scraps) recycled for orthopaedic and hospital mattress production. Polyethylene films are sold to third-party recyclers, and non-recyclable waste is handled by certified contractors. Waste oils are reused as mold degreasers, and chemicals are stored and handled in compliance with Material Safety Data Sheets (MSDS). Fire safety is ensured with standard detection, protection, and suppression gadgets.

In terms of social responsibility, Vitafoam supports healthcare, education, and security in its communities. Notable programmes include material support to maternity homes and orphanages, the yearly “First Baby of the Year” initiative, and the donation of hospital mattresses and furniture. The company has a well-developed programme for industrial attachment students and National Youth Service Corps members, offering supervised training and a Management Trainee Scheme for fresh graduates. They also donate research equipment to higher learning institutions and construct government-owned classrooms on a build, equip, and transfer basis. Security agencies receive regular support.

Occupational Health and Safety (OHS) is paramount, with world-class practices deployed across all sites, supported by experts and regular awareness programmes like Safety Week and Health Talks. Employees benefit from a well-equipped sports centre and accredited Health Management Organisations (HMOs). An effective emergency training program (fire drills) and a Business Continuity Plan are in place. In-house canteens provide subsidized, nutritious meals, and regular health tests are conducted for kitchen staff. Vitafoam maintains a non-discriminatory HR policy for persons living with HIV/AIDS or disabilities, providing equal opportunities and special facilities. The company fosters a happy workforce through periodic engagement, quarterly town hall meetings, and respect for workers’ trade unions, ensuring industrial harmony and an inclusive work environment.