Vitafoam Nigeria Plc has posted a net profit of N4.384 billion for the financial year ended September 30, 2021.
Also, the company declared a total dividend of N1.876 billion for the period under review, an increase of 114 per cent over N87.590 million paid in 2020. The shareholders will be receiving N1.50 per share.
An audited financial statement released on the Nigerian Exchange (NGX) Limited showed the company posted strong earnings in all its performance indicators despite the tough operating environment in Nigeria.
Vitafoam posted a turnover of N32.007 billion in 2020, an increase of 49 per cent above N21.820 billion in the corresponding period. Cost of sales went up to N21.727 billion, compared to N12.430 billion, while gross profit for the period stood at N13.677 billion, higher than N11.013 billion achieved in 2020.
Profit before income tax stood at N6.779 billion as against N4. 963 billion, an increase of 37 per cent, while the profit for the year amounted to N4.384 billion compared to N3.456 billion, representing 27 per cent increase. Total assets stood at N31.790 billion as against N21.636 billion as at September 2020.
The managing director, Network Capital, Mr Oluropo Dada said: “Vitafoam has consistently demonstrated resilience despite the challenges militating against the manufacturing sector in Nigeria. The company’s current performance is a great improvement over the historical one.”
Speaking on the company’s performance, the group managing director of Vita Foam Nigeria, Mr Taiwo Adeniyi, attributed its consistent strong performance to innovative board and management, continuous introduction of multiple products beyond foams and huge investment in Research and Development, among others.
According to the company, the business is driven by collective commitment to a culture of integrity, accountability and transparency.
“We conduct our operations in accordance with good moral and ethical standards while obeying relevant legislations. Our goal is to remain a responsible and responsive corporate organisation committed to ensuring healthy and comfortable living while contributing positively to the overall growth of the country,” the firm stressed.