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By Chinwendu Obienyi
The Chairman, Board of Directors, Vitafoam Nigeria Plc, Dr Bamidele Makanjuola, has attributed the company’s 2021 performance to implementation of a flexible financing strategy as well as cost maximisation through internal efficiency gains.
He made this known to shareholders at the company’s 60th Annual General Meeting (AGM) which held in Lagos recently.
Addressing shareholders, Makanjuola explained that the company’s turnover increased from N21.5 billion in the 2020 financial year to N32 billion in 2021 while Profit before tax (PBT) and Profit after tax (PAT) rose from N4.9 billion and N3.4 billion in 2020 to N6.7 billion and N4.3 billion respectively in 2021.
According to him, this strong performance was achieved through flexible financing strategy and excellent customer service.
“This impressive performance was driven by improved operational efficiency, excellent customer service, a business friendly funding window and steadfast implementation of our strategic initiatives.
During the financial year, the company facilitated programmes that enhanced the quality and aesthetics of our products, enlarged the customer base, boosted technology investments to spur retail sales, and strengthened our distribution channels. The success achieved was due to the implementation of a flexible financing strategy aided by the Bank of Industry loan, as well as cost maximisation through internal efficiency gains. Through the deployment of fresh initiatives to expand our business frontiers, we shall remain innovative and customer-focused while vigorously driving internal efficiencies in all our operations”, Makanjuola said.
He noted that this also led to the company rewarding shareholders with N1.9 billion dividend translating to N1.50 per share which was promptly approved by shareholders.
Commending the company’s performance, the leader of Independent Shareholders Association, Adebayo Adeleke, said Vitafoam has a bright future as all its subsidiaries are profitable. Also speaking, the President, Noble Shareholders Solidarity Association, Matthew Akindele, stated that Vitafoam’s policy of attracting people of value to its board could be attributed to its exceptional performance.
