Vitafoam Nigeria Plc, at the weekend, announced a dividend payout of N1.9 billion which translates to N1.56 per ordinary share of 50 kobo each for its shareholders.
This, the company said, is in line with its shareholder value policy and would await shareholders’ approval for the dividend at its Annual General Meeting (AGM) scheduled for March 7, 2024 in Lagos.
The firm in a statement, said its revenue grew to N52.9 billion in 2023 from N46.3 billion in 2022, representing an increase of 14 per cent despite the headwinds that characterized the operating environment. It added that its total assets in the review period also rose to N49.6 billion from N39.4 billion in 2022.
Market watchers commended the company’s performance against the backdrop of the tough operating environment. A market operator who craved anonymity, said, “When it is weighed against the headwinds militating against the operations of manufacturers in Nigeria, Vitafoam’s performance shows corporate resilience.
Manufacturers in Nigeria contend with a sharp decline in the Naira exchange rate relative to other major currencies, paucity of foreign exchange to import some raw materials, high cost of energy, weak purchasing power and low disposable income of consumers, rising inflation and devaluation of the Naira among others have always made the operating environment tough”.
Recently, Vitafoam in its bid to sustain its high performance, installed a multimillion machine in its subsidiary- Vitablom in Jos to boost turnover, profitability and increase market share.
The Group Managing Director, Mr Taiwo Adeniyi has always emphasized that Vitafoam placed premium on Research and Development. According to him, the topnotch products of the company are designed to address specific needs of its diverse customers.
As a good corporate citizen, Vitafoam Plc invests heavily in the Education and healthcare sectors to give back to the society through its strong Corporate Social Responsibility (CSR) policy.