The shareholders of Vitafoam Nigeria PLC have approved the N1.95bn dividend proposed by the company’s board of directors.
The shareholders gave their approval at the firm’s 62nd Annual General Meeting in Lagos recently.
The dividend of N1.95bn translates into N1.56 kobo per ordinary share of 50 kobo each.
Commenting on the declared dividend on the floor of the AGM, the President of the Noble Shareholders’ Solidarity Association, 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 a hard time 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 dividends, which is even a bit higher than the previous one. We must commend the efforts of the board and management team. This year’s performance shows that the future is bright.”
For the period ended September 2023, Vitafoam posted N52.99bn in revenue, an increase of 14 per cent compared to N46.31bn in the preceding year and the highest in the last five years.
In her address, the outgoing Chairman of Vitafoam, Professor Rosemary Egonmowan, expressed delight that the company could achieve an outstanding performance despite the macroeconomic headwinds.
She said, “The company will intensify innovation and invest significantly in the brand while maintaining solid relationships with the trade partners and other stakeholders towards ensuring sustainable profitability of the business.”
Vitafoam’s Group Managing Director and Chief Executive Officer, Mr Taiwo Adeniyi, 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.”
The board of directors of Vitafoam has appointed Mr Zakari Sada as the new chairman as Egonmwan’s retirement takes effect Monday (today).