Shareholders of Vitafoam Nigeria Plc have approved the company’s declared dividend of N1.95 billion.
The approval of the dividend which was given at the company’s 62nd Annual General Meeting (AGM) in Lagos translates into N1.56 kobo per Ordinary Share of 50 kobo each.
According to the company, the dividend will be distributed to the shareholders whose names appear in the Register of Members at the close of business on Monday 12th February 2024.
Addressing shareholders at the AGM, Vitafoam’s Group Managing Director and Chief Executive Officer, Mr Taiwo Adeniyi, noted that last year’s growth was a testament to the company’s leadership position.
Adeniyi said that Vitafoam posted a revenue of N52.986 billion in September 2023, an increase of 14% compared to N46.310 billion in the preceding year and the highest in the last five years.
- “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.”
Shareholders commended the company’s board and management for sustaining a positive rate of return despite the inclement operating environment, which affects the profit margin of many blue-chip manufacturing companies in Nigeria.
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Mr. Mathew Akinlade, President of, the Noble Shareholders’ Solidarity Association (NSSA) said that 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 can 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,” he said.
Corroborating him, the former National Co-Ordinator of, the Independent Shareholders Association of Nigeria (ISAN), Dr Anthony Omojola, also commended the company for sustaining a positive rate of return at a period when many companies are struggling to remain in business in Nigeria.
In her address, Vitafoam’s Chairman, Professor Rosemary Egonmowan, who announced her retirement from the board, reviewed the tough operating environment and expressed delight that the company was able to achieve an outstanding performance.
She assured the shareholders that Vitafoam would continue to innovate for an enhanced competitive edge.
- ” 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,” Egonmowan said.
At the meeting, the shareholders confirmed the appointments of Mr. Olaoluwa Ogunfeyitimi and Mr. Dahiru Gambo as Executive Directors while Mr. Ademola Bolarinde was confirmed as a Non-Executive Director.