Vitafoam Nigeria Plc, has rewarded its shareholders with a N1.9 billion dividend, following its improved performance for the 2021 financial year.
The dividend, which translated into N1.50 per share, was approved by the shareholders at the company’s 60th yearly general meeting held in Lagos, at the weekend.
Addressing the shareholders at the meeting, Vitafoam’s Chairman, Dr. Bamidele Makanjuola explained that the company achieved strong performance 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 their products, enlarged the customer base, boosted technology investments to spur retail sales, and strengthened our distribution channels.
According to him, 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.
He assured shareholders that the company would remain innovative and customer-focused through the deployment of fresh initiatives to expand its business frontiers and vigorously drive internal efficiencies in all its operations.
By doing so, he said the firm would ultimately increase shareholder value in the interest of all stakeholders. Shareholders commended the company’s brilliant performance. Former Secretary-General of Independent Shareholders Association, Adebayo Adeleke said the company had a bright future as all its subsidiaries have become profitable.
Corroborating him, the President, Noble Shareholders Solidarity Association, Mathew Akindele, stated that Vitafoam’s policy of attracting people of value to its board could be attributed to its exceptional performance.
The Group Managing Director and Chief Executive Officer, Taiwo Adeniyi had in the past attributed the company’s consistent performance to its policy of putting its diverse customers at the Centre of Research and Development.
Adeniyi also explained that beyond foams, Vitafoam produces a range of building materials. Its subsidiaries are Vitapur, Vitablom, Vitavisco, Vono, Vitaparts and Vitafoam SierraLeone.
Notwithstanding the challenging business environment, the group’s turnover improved from N23.4 billion in 2020 to N35.4 billion in 2021 while profit before tax grew from N5.64 billion to N7.34 billion. Profit after tax also increased from N4.1 billion to N4.5 billion.
The firm’s turnover also increased from N21.5 billion to N32 billion in 2021. Profit before tax also rose from N4.9 billion N6.7 billion in 2021 while profit after tax grew by N3.4 billion to N4.3 billion.
