Vitafoam Recommends 12 kobo Dividend, despite 2016 full year loss

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The board of directors of Vitafoam Nigeria Plc has recommended 12 kobo dividend for shareholders for the full year ended September 30, 2016. The dividend which translates to N125 million is less than 25 kobo that was paid in 2015 financial year.

Closure date for the corporate action is February 13, 2017, the company Annual General Meeting is slated for March 2, 2017. While payment date is March 9, 2017. Detail analysis of the result shows cost of sales was down by 24.21 percent to N8.907 million against N11.752 million in 2015.

The company revenue was down by 19.48 percent to N13,569 billion which is below N16,853 billion that was posted in 2015. Loss after tax stood at N32.03 million, which was down by 55.50 percent, against N71.98 million in 2015.

The poor performance according to market watchers is a sign of the shrinking economy that has shown in the numbers of the company, as the foam maker recorded a loss on the back of weak sales.

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