Shareholders of Vitafoam Nigeria Plc have approved the total dividend of N1.95 billion for the year ended September 30, 2023.
The shareholders also commended the company’s board and management for sustaining positive rate of return despite the inclement operating environment, which affects profit margin of many blue-chip manufacturing companies in Nigeria.
They gave their approval at the company’s 62nd annual general meeting held in Lagos. the Company declared a dividend of N1.95 billion, which translates into N1.56 per share.
Vitafoam posted a revenue of N52.986 billion in September 2023, an increase of 14 per cent compared to N46.310 billion in the preceding year and the highest in the last five years.
Speaking on behalf of shareholders, president, Noble Shareholders’ Solidarity Association (NSSA), Mathew Akinlade said: “a look at the performance of Vitafoam shows a company that is resilient. In Nigeria today, inflation is on the rise while manufacturers are facing hard time on sourcing forex to buy raw materials.
“Many companies have gone under. It is therefore commendable to see that Vitafoam is able to grow profit and pay dividend, which is even a bit higher than the previous one. We must commend the efforts of the board and management team. This year performance shows that the future is bright.”
Corroborating him, the national coordinator, Independent Shareholders Association of Nigeria (ISAN), Dr Anthony Omojola commended the company for sustaining positive rate of return at a period when many companies are struggling to remain in business in Nigeria.
Speaking to shareholders, chairman of Vitafoam, Professor Rosemary Egonmowan stated that the Company was able to achieve an outstanding performance, assuring the shareholders that Vitafoam would continue to innovate for enhanced competitive edge.
She added that the company will intensify innovation and invest significantly in the brand while maintaining solid relationship with the trade partners and other stakeholders towards ensuring sustainable profitability of business.
Group managing director and chief executive officer, Vitafoam, Mr. Taiwo Adeniyi, noted last year’s growth was a testament that the company’s leadership position.
He said: “the growth in turnover during the year underscores the resilience of the brand and further reinforces our industry leadership. We shall improve efficiency at all the touch points, particularly procurement, production and human capital management while strengthening collaboration with our trade partners towards expanding market share.”
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