Kayode Tokede
The Chairman, Vitafoam Nigeria Plc, Dr Bamidele Makanjuola has annnounced his retirement to the shareholders after meritorious service of ten years, a full term in line with the company’s tenure policy.
Addressing the shareholders at the Company’s 61st Annual General Meeting (AGM) in Lagos, he commended the Company’s Board and Management and shareholders for their support throughout his tenure.
He also 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.
“I would like to inform you that this is the last AGM at which i shall address you as Chairman of Vitafoam Nigeria Plc., having served out a full term in line with the company’s tenure policy for Non-Executive Directors. Together we have moved boundaries and broken glass ceilings. While some of our plans might not have turned out exactly as envisioned, we have persevered with your support to move the company to the next level in our collective quest for greatness.
“The fundamentals of our business remain strong . The growth in turnover in a volatile operating environment exemplified the unique strength and resilience of our 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 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. “, says Makanjuola .
Shareholders who showered encomiums on him noted that during his tenure, Vitafaoam recorded exponential progression in virtually all performance indicators.
Speaking, the President, Noble Shareholders Solidarity Association (NSSA), Mr Mathew Akinlade, explained that everything about Makanjuola and Vitafoam should be applauded.
As a commitment to positive rate of return, Vitafoam has rewarded its shareholders with a dividend payout of N1.9 Billion, translating into N1.52 per ordinary share of 50 kobo each for the 2022 financial year.
Commenting on the Company’s ability to weather the storm, the Group Managing Director, Mr Taiwo Adeniyi, attributed this to 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 with others. We invest heavily in Research and Development and we customize our products to address the needs of our diverse customers customers, including consideration for age and gender. This is what is standing us out in the market place. We produce well and price well, “Adeniyi said.
