Vitafoam Nigeria Plc has grown its revenue to N52.9 billion in its financial year ended September 30, 2023.
The company proposed a total dividend payout of N1.9 billion, representing N1.56 per share to the shareholders.
The financial results released to the investing public on the Nigerian Exchange Limited revealed that revenue grew by 14 per cent from N46.3 billion in 2022 to N52.9 billion in 2023, despite the headwinds that characterised the operating environment. The Company’s total assets in the review period also rose to N49.6 billion from N39.4 billion in 2022.
However, the company net profit declined slightly to N4.374 billion as against N4.522 billion achieved in 2022.
Market watchers commended the company’s performance against the backdrop of the tough operating environment, saying, “when it is weighed against the headwinds militating against the operations of manufacturers in Nigeria, Vitafoam’s performance shows corporate resilience.
“Manufacturers in Nigeria contend with a sharp decline in the Naira exchange rate relative to other major currencies, paucity of foreign exchange to import some raw materials, high cost of energy, weak purchasing power and low disposable income of consumers, rising inflation and devaluation of the Naira among others have always made the operating environment tough.”
Determined to sustain its high performance, only recently, Vitafoam installed a multimillion machine in its subsidiary- Vitablom in Jos to boost turnover, profitability and increase market share.
The group managing director of Vitafoam, Mr. Taiwo Adeniyi emphasised that Vitafoam placed premium on research and development, saying the topnotch products of the company are designed to address specific needs of its diverse customers.
As a good corporate citizen, Vitafoam invests heavily in the Education and healthcare sectors to give back to the society through its strong Corporate Social Responsibility (CSR) policy.
