Vitafoam Nigeria Plc has posted an impressive result as it declared a profit after tax of N2.38 billion by 2019 from N602 million in 2018. Its revenue rose from N19.534 billion to N22.283 billion, as operating profit grew from N2.092 billion to N4.444 billion, within same period.
The report of the year ended in September 30, 2019, also disclosed that the company would pay a dividend of N525 million, as shareholders will earn 42 kobo for every share they own. This represents 68% higher than 25 kobo paid in 2018.
The dividend would be paid on March 5, 2020, subject to shareholders’ approval at the annual general meeting on March 4, 2020.
Meanwhile, Bamidele Makanjuola, the Chairman of Vitafoam Nigeria Plc, disclosed to shareholders last year that following the economic downturn of recent years, the firm took strategic decision to re-engineer its entire business with special focus on products quality and innovation, market differentiation, customer service and consumer education.
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Makanjuola also stated that improved performance of the company could be attributed to the great strides made in cost suppression and sustained positive trends to expand the frontiers of growth in the coming years.
Group Managing Director, Vitafoam Nigeria Plc, Taiwo Adeniyi expressed the company’s determination to ensure its financial performance continues to improve regardless of the nature of the operating environment and this shall always translate to higher shareholder value.
Vitafoam plc declared bonus of 1 for 5 last year, did they pay it?
Commendable performance by Vitafoam, especially in these difficult times. However, the proposed dividend which represents just 20% of the declared profit could have been better. Although one of the reasons could be, having a good portion of the profit in trade receivables.
This is an impressive results coming out from Vitafoam Nigeria Plc for the year ended 30th September,2019 in an era of economic downturn. The board of directors and management should be highly applauded for being proactive in managing the affairs of the company. More grease to their elbow.