Company returns to profit and pushes West African expansion as demand surges

Vitafoam Nigeria Plc, a leading manufacturer of foam products in the country, has reported a revenue of $55 million for the first nine months of 2025. 

The company, in which Nigerian businessman and board member Samuel Bolarinde holds a significant stake, has not only rebounded from last year’s losses but is now showing strong signs of growth and regional ambition.

It is a bounce back to profit

After struggling with a $1.88 million loss during the same period in 2024, Vitafoam has made a remarkable comeback, posting a $6.13 million profit for the nine months ending June 30, 2025. 

The turnaround has been largely attributed to stronger sales of mattresses, pillows, and related foam products, as well as tighter cost control across operations. The company also benefited from a boost in finance income, helping to lift its operating margin.

Vitafoam’s latest results reflect a resilient demand for its products, despite inflation and other economic pressures that have slowed consumer spending in Nigeria. 

The company’s management appears to have navigated these headwinds effectively, leaning on its wide distribution network and strategic pricing to maintain customer loyalty.

Samuel Bolarinde’s strategic influence

At the center of Vitafoam’s recent success is Samuel Bolarinde, who owns just over 12 percent of the company. 

A veteran in Nigeria’s corporate circles, Bolarinde has held board positions at Wema Bank Plc and Nigerian Breweries Plc, and has long been involved in guiding Vitafoam’s growth strategies. His role at the company is more than symbolic, he is considered a key voice in its ongoing push into new markets and product categories.

His expansion beyond Nigeria

Vitafoam’s ambition now extends far beyond Nigerian borders. The company is making moves in West Africa, particularly through its operations in Sierra Leone. From there, Vitafoam has begun exporting to Guinea and Liberia, a move that is already showing early promise in terms of sales volume and market penetration.

This regional expansion is part of a broader effort to position Vitafoam as a go-to brand for quality bedding and foam products across Anglophone West Africa. The decision to invest in cross-border growth appears to be paying off, giving Vitafoam a fresh avenue for income while building its brand outside Nigeria.

The company’s improved performance is also reflected in its financial structure. Vitafoam’s total assets grew to $38.46 million as of June 2025, up from $34.24 million in September 2024. 

Shareholders have seen gains too, with equity rising to $21.27 million from $16.36 million over the same period.

Vitafoam’s accumulated profit rose by nearly $5 million, reinforcing investor confidence and giving the company more room to reinvest in new projects, regional operations, or further R&D in product development.

What’s next?

With strong earnings, a return to profitability, and regional growth underway, Vitafoam Nigeria is poised for a new chapter. 

For shareholders like Samuel Bolarinde and others, the signs are encouraging, proof that careful strategy, local expertise, and long-term planning can still deliver results in today’s challenging business environment.

As consumer needs evolve and competition stiffens, Vitafoam’s next big test will be sustaining this momentum at home and across the continent.