Vitafoam posts N4.38bn profit, declares N1.87bn dividend. 

Vitafoam Nigeria Plc has posted a profit before tax (PBT) of N6.78 billion for the full year ended Sept. 30, 2021

The company’s Group Managing Director, Mr Taiwo Adeniyi, disclosed in this in its audited financial statement sent to Nigerian Exchange Ltd on Dec. 30.

The PBT represented an increase of 37 per cent when compared with N4.96 billion achieved in the corresponding period of 2020.

Also, the financial statement revealed that the profit for the year stood at N4.38 billion against N3.46 billion achieved in 2020, representing an increase of 27 per cent.

The company’s turnover stood at N21.82 billion against N32.01 billion recorded in 2020, representing an increase of 49 per cent.

The company also recommended a dividend of N1.87 billion for the period under review against N87.59 million paid in 2020, showing an increase of 114 per cent.

The dividend which translates to N1.50 per share will be endorsed by the shareholders at the company’s annual general meeting scheduled for March 3, 2022.

The dividend if approved would be paid electronically to the shareholders on March 4, 2022.

Adeniyi attributed Vitafoam’s consistent strong performance to innovative board and management, continuous introduction of multiple products beyond foams and huge investment in research and development.

According to him, 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 organisation committed to ensuring healthy and comfortable living while contributing positively to the overall growth of the country,” he said.

Also commenting on the result, the Managing Director, Network Capital, Mr Oluropo Dada, was quoted by the statement as saying that Vitafoam had demonstrated resilience in spite of the challenging environment.

“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,” Dada said.