• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Friday, August 1, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Vitafoam To Pay N1.375bn Dividend

by Olushola Bello
7 months ago
in Business
Vitafoam
Share on WhatsAppShare on FacebookShare on XTelegram

Vitafoam Nigeria Plc proposed a dividend of N1.05 per share, amounting to N1.375 billion, as a commitment to shareholder value.

Advertisement

The dividend will be approved by the shareholders at the company’s 63rd Annual General Meeting (AGM), scheduled for March 6, 2025 in Lagos. The group’s net asset, a major performance indicator of corporate growth shot up to N25 billion in 2024 from N17 billion in the previous year, an increase of 47 per cent.
In a statement released to the Nigerian Exchange Limited (NGX) for the year ended September 30, 2024, the gross profit rose to N30 billion in 2024 from N17 billion, an increase of 76.5 per cent. The Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) increased from N7.9 billion in 2023 to N8.3 billion in 2024 financial year.

However, due to the foreign exchange loss of N12.7 billion in the review period, the profit before tax declined from N6 billion to N1.145 billion. Although the operating profit increased to N7.6 billion from N6.9 billion, this was moderated by the huge finance cost of N7.1 billion which depressed the profit before taxation to N1.1 billion from N6 billion last year.

Speaking on the performance, the group managing director of Vitafoam, Taiwo Adeniyi underscored the company’s resilience and commitment to shareholder value, saying, “our impressive performance was moderated by the cost incurred on forex. But the worst is over on the challenges of forex with the liberalization policy of the federal government. As a good corporate citizen, we decided to reward our shareholders with a dividend of N1.05 per share despite the loss incurred in the forex.”
He added that, ‘our diversified product portfolio will drive future growth while strategic investments backed by research will enhance our competitiveness.

Vitafoam is reputed as a truly Nigerian company and its sales cut across other countries. The company’s six subsidiaries; Vitafoam Sierra Leone Limited, Vitapur Nigeria Limited, Vitablom Nigeria Limited,

RELATED

NSC Holds Maritime Seminar For Judges

Shippers’ Council Blocks Questionable N52bn Forex Repatriation, Resolves N2bn Trade Disputes

9 hours ago
Mixed Performance On Equities Expected This Week

Stock Market Investors Gain N12.47trn In July

9 hours ago

Vitavisco Nigeria Limited, Vono Furniture Products Limited and Vitaparts Nigeria Limited are well-positioned for quality services and products.


We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel




Tags: Vitafoam Nigeria Plc
SendShareTweetShare
Previous Post

Rite Foods’ Sosa Fruit Drink Wins Innovative Award

Next Post

Suspected Killer Dies In Police Custody 

Olushola Bello

Olushola Bello

You May Like

NSC Holds Maritime Seminar For Judges
Business

Shippers’ Council Blocks Questionable N52bn Forex Repatriation, Resolves N2bn Trade Disputes

2025/08/01
Mixed Performance On Equities Expected This Week
Business

Stock Market Investors Gain N12.47trn In July

2025/08/01
Disruptions Loom In Oil, Gas Sector Over Helicopter Landing Fee
Business

NAMA Conducts Simulation Exercise For Air Emergency Response At Abuja Airport

2025/08/01
Nigerians Groan As SIM Registration, Swap Halted Over NIMC System Migration
Business

SIM Registration: Telcos Resume NIN Verification Services For Subscribers

2025/08/01
NASD Elects Olayimikah Bolo As Chairman
Business

NASD Elects Olayimikah Bolo As Chairman

2025/08/01
MTN Allots Incentive Shares, As Trading Opens With N4bn Loss
Business

MTN Nigeria Adopts Customer-Centric Approach For Growth

2025/08/01
Leadership Conference advertisement

LATEST

UNILAG SSANU Elects Substantive New Officers After 9-yr Legal Tussles

Niger Gov Orders Reopening Of IBB Varsity

Response Teams On Red Alert As Floods Threaten Abuja, Nearby States

Oyo Gov’t Approves Additional Loan For Farmers

Oyo Gov’t Warns Against Indiscriminate Waste Disposal, Open Defecation

CJID Report Names Imo, Bauchi, Lagos ‘Most Dangerous States’ For Journalists

INEC Fixes August 18 To Begin Nationwide Continuous Voter Registration

WAFCON: Gov Fintiri Gifts Falcons’ Coach Madugu House, N50m

Newcastle Reject Liverpool £120m Bid For Alexander Isak

NSIB’s New Regulations Target Safety In Rail, Maritime, Air Transportation

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.