The board of directors of Vitafoam Nigeria Plc has disclosed that the company would pay a dividend of N525 million, as shareholders will earn 42 kobo for every share they own. This represents 68% higher than 25 kobo paid in 2018. The dividend would be paid on March 5, 2020, subject to shareholders’ approval at the annual general meeting on March 4, 2020.
The report of the year ended in September 30, 2019, also shows that the company declared a profit after tax of N2.38 billion by 2019 from N602 million in 2018. Its revenue rose from N19.534 billion to N22.283 billion, as operating profit grew from N2.092 billion to N4.444 billion, within same period.
Meanwhile, Bamidele Makanjuola, the Chairman of Vitafoam Nigeria Plc, disclosed to shareholders during its Annual General Meeting (AGM) last year that following the economic downturn of recent years, the firm took strategic decision to re-engineer its entire business with special focus on products quality and innovation, market differentiation, customer service and consumer education.
Makanjuola also stated that improved performance of the company could be attributed to the great strides made in cost suppression and sustained positive trends to expand the frontiers of growth in the coming years.
Group Managing Director, Vitafoam Nigeria Plc, Taiwo Adeniyi expressed the company’s determination to ensure its financial performance continues to improve regardless of the nature of the operating environment and this shall always translate to higher shareholder value.