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Business News

Vitafoam Nigeria Plc set to pay N260.51 million dividend

Vitafoam approves bonus share

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Vitafoam Nigeria Plc, Dividends and bonus shares, Subsidiaries

The Board and Management of Vitafoam Nigeria Plc have recommended the payout of a total dividend of N260.51 million, which represents 25 kobo per share for the financial year ended September 30, 2018.

The dividend which is subject to shareholders’ approval and withholding tax, is expected to be paid on March 8, 2019, to shareholders whose names appear in the Register of members at the close of business on Friday, February 15, 2019.

Vitafoam is also giving 1 bonus share for every 5 existing ordinary shares to shareholders. The new shares, according to Vitafoam, shall rank equally in all respects with the exisiting ordinary shares except that they shall not rank for the dividend recommended for the year ended September 30, 2018.

Vitafoam Nigeria Plc had released its results for the financial year ended September 30, 2018.

The company’s revenue increased from N17.6 billion in 2017 to N19.5 billion in 2018. This represents a 10.7% increase year on year.

Profit before tax jumped from N18.1 million in 2017 to N793 million in 2018. The company made a profit after tax of N601 million compared to a loss after tax of N127 million recorded in the comparative period of 2017.

Earnings per share stood at N0.57  in 2018 as against a negative of N0.15 in 2017.

About Vitafoam

Vitafoam Nigeria Plc is a foam manufacturing company based in Ikeja, Lagos. It is one of Nigeria’s largest foam manufacturers, producing both flexible and rigid polyurethane products. The company also owns an interest in Vitafoam Ghana and Vitafoam Sierra Leone.

In 2011, it entered into a strategic alliance with a struggling competitor, Vono Products before purchasing the company. The purchase of Vono Products increased the company share of the furniture market. In the 2000s, the company expanded its product offering by investing in modern sleep options that are now managed by four of its subsidiaries: Vitapur, Vitagreen, Vitavisco and Vitablom. Vitapaur offers insulation friendly building materials.

Vitafoam Nigeria Plc stock closed at N4.50 on the floor of the Nigerian Stock Exchange (NSE) during the last day of trading.

Famuyiwa Damilare is a trained journalist. He holds a Higher National Diploma (HND) in Mass Communication at the prestigious Nigerian Institute of Journalism (NIJ).Damilare is an innovative and transformational leader with broad-based expertise in journalism and media practice at large. He has explored his proven ability in the areas of reporting, curating and generating contents, creatively establishing social media engagements, and mobile editing of videos. It is safe to say he’s a multimedia journalist.

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Coronavirus

Covid-19: WHO approves China’s Sinopharm vaccine

WHO has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.

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Covid-19: First world nations oppose waiving intellectual rights for vaccine development

The World Health Organization (WHO) has announced the approval of China’s Sinopharm vaccine for Covid-19 vaccination.  The vaccine is reported to have 79% efficacy against covid.

This was disclosed today in a report by Reuters. The vaccine would also be the second Chinese-made vaccine after Sinovac vaccine and would be the first developed outside Europe and North America to receive WHO accreditation.

“This expands the list of COVID-19 vaccines that COVAX can buy, and gives countries confidence to expedite their own regulatory approval, and to import and administer a vaccine,” WHO Director-General, Tedros Adhanom Ghebreyesus said.

The WHO added that the easy storage requirements make it highly suitable for low-resource settings.

“Its easy storage requirements make it highly suitable for low-resource settings,” a WHO statement said while also disclosing that the vaccine has been approved for people above the age of 18 to receive two shots.

“On the basis of all available evidence, WHO recommends the vaccine for adults 18 years and older, in a two-dose schedule with a spacing of three to four weeks,” the statement added.

The vaccine was created by Beijing Biological Products Institute, a subsidiary of Sinopharm subsidiary China National Biotec Group, with an efficacy of 79% for all age groups.

The WHO however, admitted that few older adults (over 60 years) were enrolled in clinical trials, so efficacy could not be estimated in this age group.

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The quest for vaccine efficiency got a major boost earlier this week as Nairametrics reported that the United States government announced that it supports the waiver of Intellectual Property Protections on Covid-19 vaccine development, in a bid to boost the fight against the pandemic, and says it will participate in the Okonjo-Iweala-led WTO negotiation to make it happen.

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Obituaries

“Mama Taraba”, Former minister and senator, Aisha Al-Hassan is dead

Ex-Women Affairs minister, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead

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A former Minister for Women Affairs and ex-Governorship Candidate in Taraba State, Aisha Jummai Al-Hassan, popularly known as Mama Taraba is dead.

According to media reports she died in a hospital on Friday in Cairo, Egypt at the age of 61.

Al-Hassan, who was a former senator of the Federal Republic of Nigeria from Taraba North Senatorial District, was the All Progressive Congress (APC) Governorship Candidate for Taraba in the 2015 general elections.

READ: Abba Kyari’s last letter to President Buhari

She later contested for the same seat on the platform of the United Democratic Party in the 2019 general elections after resigning from APC and as a minister in the administration of President Muhammadu Buhari on July 27, 2018.

The former senator was born on the 16th of September, 1959 in Jalingo, Taraba State, to Alhaji Abubakar Ibrahim, Sarkin Ayukan Muri.

READ: Chad’s President Deby dies of injuries suffered on the frontlines, as son takes over

Aisha Jummai Al-Hassan attended Muhammed Nya Primary School, Jalingo and LEA Primary School, Tudun Wada, Kaduna before proceeding to Saint Faith College (now GGSS) Kawo Kaduna where she studied between January 1973 and June 1977.

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