• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Equities Dividends

Vitafoam shareholders approve N1.9 billion dividend payout

Chris Ugwu by Chris Ugwu
March 4, 2023
in Dividends, Equities

Dr. Bamidele Osuolale Makanjuola, Chairman/Non-Executive Director

Share on FacebookShare on TwitterShare on Linkedin

Shareholders of Vitafoam Plc have approved the dividend of N1.9 billion recommended by the company’s board of directors for the 2022 financial year. 

The shareholders gave the approval at the company’s 61st Annual General Meeting held in Lagos. 

According to the company, the dividend pay–out of N1.9 billion translates to N1.52 per ordinary share of 50 kobo each for the 2022 financial year.  

RelatedStories

Vitafoam cancels 1.1 billion ordinary shares

Vitafoam cancels 1.1 billion ordinary shares

November 16, 2022
Vitafoam Nigeria Plc, Dividends and bonus shares, Subsidiaries

Vitafoam Plc posts over 50% revenue growth in audited financial result for 2021

December 31, 2021

Ten years service:  Addressing shareholders at the AGM, the Chairman, Vitafoam Nigeria Plc, Dr Bamidele Makanjuola who announced his retirement to the shareholders after service of ten years, a full term in line with the Company’s tenure policy noted that with the company’s team of innovative management and staff,  it shall continue to post strong earnings and generate shareholder value irrespective of vagaries in the operating environment. 

Challenges of business: He noted that the fundamentals of the company’s business remain strong adding that the growth in turnover in a volatile operating environment exemplified the unique strength and resilience of the brand.  

  • “While turnover grew substantially, profitability was hobbled by raw materials price inflation at both local and international markets. In addition, we had to contend with a sharp decline in the Naira exchange rate relative to other major currencies, the paucity of foreign exchange, high inflation, poor purchasing power, and low disposable income of consumers, among others. With renewed confidence, efforts will be intensified to grow our business lines by expanding Vitafoam’s product offerings,” Makanjuola said.  

He noted that the declaration of the dividend is evidence of the Company’s stellar performance despite the tough operating climate.  

Innovation: Commenting on the Company’s ability to weather the storm, the Group Managing Director, Mr Taiwo Adeniyi, attributed the performance to the innovation and corporate culture of quality products and services. 

  • “You may see two products looking so much alike in the market but they do not cost the same price. Intrinsic values in our products stand us out. We have created a niche market for ourselves. We don’t play in every market. We don’t run at the same pace as others. We invest heavily in Research and Development and we customize our products to address the needs of our diverse customers, including consideration for age and gender. This  is what is standing us out in the marketplace. We produce well and price well,” Adeniyi said.

What shareholders said: The President, of Noble Shareholders Solidarity Association (NSSA), Mr Mathew Akinlade, explained that everything about Makanjuola and Vitafoam should be applauded. 

  • “A peep at just the last 5-year performance alone is quite revealing that Vitafoam under Dr Makanjuola had grown tremendously. For instance, the revenue grew from N19. 5 billion in 2018 to N46. 3 billion in 2022,  an increase of 137%. The Earnings Per Share moved from 57 kobo to 338 kobo, an increase of 493%. The man deserves to be celebrated,” Akinlade said.  

 


Follow us for Breaking News and Market Intelligence.
Tags: Bamidele MakanjuolaVitafoam Plc
Chris Ugwu

Chris Ugwu

Chris is a Senior Financial Analyst at Nairametrics Advocates Limited with over a decade stint in active journalism and public relations practice.

Related Posts

Vitafoam cancels 1.1 billion ordinary shares
Company News

Vitafoam cancels 1.1 billion ordinary shares

November 16, 2022
Vitafoam Nigeria Plc, Dividends and bonus shares, Subsidiaries
Company Results

Vitafoam Plc posts over 50% revenue growth in audited financial result for 2021

December 31, 2021
Cheapest NGX consumer goods stocks to buy
Spotlight

Cheapest NGX consumer goods stocks to buy

July 22, 2021
Government should create special window for manufacturers to assess forex- Adeniyi
Business News

Vitafoam posts N2.38billion PAT, to pay N525 million dividend 

January 1, 2020
Bonds, CBN
Business News

NSE closes Friday’s trading session on a positive note

July 27, 2018
Next Post
Projections: Geregu Power targets N15.135 billion revenue for Q3 2023

Geregu Power records 27% growth in market value to lead weekly gainers

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Emple
nlng
first bank








DUNS

Recent News

  • Abia Govt secures $263.8 million from AfDB, IsDB for road, erosion, and waste management projects 
  • EFCC secures jail term, forfeiture of N653 million from traveller who concealed cash at Kano Airport 
  • FG adopts front-of-pack labelling to tackle diet-related diseases and cut NCD deaths

Follow us on social media:

Recent News

AfDB, AI

Abia Govt secures $263.8 million from AfDB, IsDB for road, erosion, and waste management projects 

July 16, 2025
EFCC secures jail term, forfeiture of N653 million from traveller who concealed cash at Kano Airport 

EFCC secures jail term, forfeiture of N653 million from traveller who concealed cash at Kano Airport 

July 16, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics