Shareholders Laud Vitafoam’s Resilience, N1.31bn Dividend

Shareholders of Vitafoam Nigeria Plc, have expressed delight in the company’s board and management over the declaration of N1.31 billion which translates into N1.05 per ordinary share for the financial year ended, September 30, 2024.

The leading manufacturer was also commended by the shareholders, for its ability to navigate the turbulence that characterized the Nigerian economy in the review period.

The group’s turnover hit N82.6 billion in September 2024, an increase of 56 per cent over N52.9 billion posted in 2023. But the surge in revenue was moderated by foreign exchange loss which impacted some of the components of earnings. However, shareholders generally explained that the dividend was an evidence of the company’s policy of ensuring shareholder value . 

Commenting on Vitafoam’s performance during the company’s virtual Annual General Meeting (AGM), a shareholder, Pastor Adebayo Adeleke, commended the board and management for weathering the storm of 2023/2024 to declare dividend for shareholders. 

Corroborating him,  the National Co-ordinator, Pragmatic Shareholders Association of Nigeria, Bisi Bakare explained that the Vitafoam’s outstanding performance despite the tough operating environment could be ascribed to a legacy of excellence  foundation over the years. 

Earlier in his address, the company’s Chairman, Zakari Sada, informed the elated shareholders that appropriate strategies had been put in place to position the company for stella performance, saying : ” Despite the challenges in the business environment, i am pleased to inform you that your company sustained the trend of growth.”

 The Group Managing Director and Chief Executive Officer , Taiwo Adeniyi, has always maintained that: ” Our strategic focus on operational efficiency, innovative product offerings, and customer satisfaction has enabled us to navigate the challenging environment and achieve significant growth. We remain optimistic about the future and are confident that our strategies will continue to yield positive results.”