New Telegraph

Vitafoam rewards shareholders with N1.9bn dividend

Vitafoam Nigeria Plc has rewarded its shareholders with N1.9 billion dividend following its performance in 2021, despite the inclement operating environment. The dividend, which translated into N1.50 per share was promptly approved by the shareholders at the company’s hybrid 60th Annual General Meeting (AGM) at the weekend.

 

Addressing the shareholders at the AGM, Vitafoam”4 Chairman, Dr Bamidele Makanjuola, explained that the company achieved strong performance through flexible financing strategy and excellent customer service.

 

“This impressive performance was driven by improved operational efficiency, excellent customer service, a business friendly funding window and steadfast implementation of our strategic initiatives.

 

“During the financial year, the company facilitated programmes that enhanced the quality and aesthetics of our products, enlarged the customer base, boosted technology investments to spur retail sales, and strengthened our distribution channels.

 

“The success achieved was due to the implementation of a flexible financing strategy aided by the Bank of Industry loan, as well as cost maximisation through internal efficiency gains.

 

“Through the deployment of fresh initiatives to expand our business frontiers, we shall remain innovative and customerfocused while vigorously driving internal efficiencies in all our operations. By so doing, we aim to drive up shareholder value in the interest of all stakeholders, “Makanjuola said.

 

Shareholders commended the company’s brilliant performance. The leader of Independent Shareholders Association, Mr Adebayo Adeleke, said the company had a bright future as all its subsidiaries have become profitable.

 

Corroborating him, the President, Noble Shareholders Solidarity Association, Mr Mathew Akindele, stated that Vitafoam’s policy of attracting people of value to its board could be attributed to its exceptional performance.

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