New Telegraph

Vitafoam posts N4.4bn profit, dividend up 114%

Shareholders of Vitafoam Nigeria Plc are expected to approve a robust dividend of N1. 876 billion for the company’s performance in the year ended , September 30, 2020, an increase of 114 per cent over N87, 590 million paid in 2019.

 

The amount, which translates into N1.50 per ordinary share has been proposed by the company’s Board to be laid before the shareholders for endorsement during the company’s Annual General Meeting (AGM), scheduled for Thursday, March 3, 2022 at Raddison Blue Hotel, Ikeja, Lagos.

 

The dividend shall be paid electronically on Friday, March 4, 2022.

 

In its audited financial statement sent to NGX yesterday, 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.

 

Profit before 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. “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,” said the Managing Director, Network Capital, Mr Oluropo Dada.

The Group Managing Director, 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.

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