Shareholders of Vitafoam Nigeria Plc are expected to approve a dividend of N1. 876 billion for the company’s financial year ended, September 30, 2021, an increase of 114 percent over N87.590 million paid in 2020.
The amount, which translates into N1.50 per ordinary share, has been proposed by the Board of Directors to be laid before the shareholders for endorsement during the Annual General Meeting (AGM) scheduled for Thursday, March 3, 2022, at Raddison Blue Hotel, Ikeja, Lagos. The dividend shall be paid electronically on Friday, March 4, 2022, after the AGM’s approval.
In an audited financial statement sent to the Nigerian Exchange Limited, NGX, yesterday, the company posted strong earnings in all its performance indicators despite the tough operating environment.
Turnover was N32 billion in 2021, an increase of 49 % above N21.8 billion in the corresponding period of 2020. Profit Before Income Tax stood at N6.8 billion as against N4.96 billion, an increase of 37%, while the profit for the year amounted to N4.4 billion compared to N3.5 billion in 2020, representing 27 % increase.
The Group Managing Director, Mr Taiwo Adeniyi, has always attributed its consistent strong performance to innovative Board and Management, continuous introduction of multiple products beyond foams and huge investment in Research and Development among others.
The Company’s statement to NGX says the business is driven by collective commitment to a culture of integrity, accountability, and transparency.
“ We conduct our operations in accordance with good moral and ethical standards while obeying relevant legislations. Our goal is to remain a responsible and responsive corporate organization committed to ensuring healthy and comfortable living while contributing positively to the overall growth of the country” according to the statement.
Commenting on the results, the Managing Director, Network Capital, Mr Oluropo Dada, said, “Vitafoam has consistently demonstrated resilience despite the challenges militating against the manufacturing sector in Nigeria. The Company’s current performance is a great improvement over the historical one.”
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