Finance

Vitafoam posts N4.38bn profit, declares N1.88bn dividend

Shareholders of Vitafoam Approve Cancellation of 1.14bn Unissued Shares

Vitafoam Nigeria Plc has reported a profit after tax of N4.38bn for the year ended September 30, 2021, compared to N3.46bn in 2020.

The manufacturer of foams and other household materials declared a dividend of N1.88bn for the year, an increase of 114 per cent over the previous year, according to a statement.

The statement said the amount, which translates to N1.50 per ordinary share, had been proposed by the company’s board to be laid before the shareholders for endorsement during the company’s Annual General Meeting, scheduled for March 3, 2022 in Lagos.

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Vitafoam posted a turnover of N32.01bn in 2021, an increase of 49 per cent over the N21.820bn recorded a year earlier.

Its profit before income tax stood at N6.78bn in 2021 as against N4.96bn in the previous year, an increase of 37 per cent.

The Group Managing Director, Vitafoam Nigeria, Mr Taiwo Adeniyi, attributed the company’s consistent strong performance to its innovative board and management, continuous introduction of multiple products beyond foams and huge investment in research and development, among others.

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According to the statement, the business is driven by a 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,” it said

Punch

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