Vitafoam’s N1.95 billion Dividend excites Shareholders

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Vitafoam’s N1.95 billion Dividend excites Shareholders

L – R : Independent  Non-Executive Director, Vitafoam Nigeria PLC, Abdul Bello, Commercial Director, Dahiru Gambo, Non -Executive Director, Achike  Umunna, Finance Director, Joseph Alegbesogie, Group Managing Director and Chief Executive Officer, Taiwo Adeniyi, Chairman, Professor (Mrs) Rosemary Egonmwan, Non-Executive Director, Ademola Bolarinwa, Non-Executive Director, Zakariah Sasa, Technical Director, Sola Owoade, Company Secretary and Legal Adviser, Lekan Sanni, Supply Chain Director, Olaoluwa Ogunfeytimi and Non-Executive Director,  Gerson  Silva, during the 62nd Annual General Meeting of Vitafoam Nigeria PLC, in Lagos, yesterday

News Focus

Shareholders of Vitafoam Nigeria PLC, have commended the company’s board and management for sustaining positive rate of return despite the inclement operating environment, which affects profit margin  of many blue chip manufacturing companies in Nigeria.

Kernel of the Story

– The leading manufacturer of mattresses, pillows, bedding and furniture had at its 62nd Annual General Meeting (AGM) in Lagos yesterday, declared a dividend of N1.95 billion, which translates into N1.56 kobo per Ordinary Share of 50 kobo each . 

– Vitafoam posted a revenue of N52.986 billion in September 2023, an increase of 14 per cent compared to N46.310 billion in the preceding year and the highest in the last five years. 

-Shareholders showered encomium on the company’s board and management for the stella performance in the period of economic downturn.

Akinlade speaks the Shareholders’ minds

” A look at the performance of Vitafoam shows a company that is resilient . In Nigeria today, inflation is on the rise while manufacturers are facing hard time on sourcing forex to buy raw materials. Many companies have gone under. It is therefore commendable to see that Vitafoam  is able to grow profit and pay dividend , which is even a bit higher than the previous one. We must commend the efforts of the board and management team . This year’s performance shows that the future is bright. “, says Mathew Akinlade, President , Noble Shareholders’ Solidarity Association (NSSA). 

Dr Omojola praises Vitafoam

Corroborating him, the former National Co-ordinator, Independent Shareholders Association of Nigeria (ISAN) , Dr Anthony Omojola ,also  commended the company for sustaining positive rate of return at a period when many companies are struggling to remain in business in Nigeria. 

What Prof. Egonmwan says

In her address, Vitafoam’s Chairman, Professor Rosemary Egonmowan, who announced her retirement from the board,  reviewed the tough operating environment,  expressed delight that the conpany was able to achieve an outstanding performance . She assured the shareholders that Vitafoam would continue to innovate for enhanced  competitive edge. 

” The company will intensify innovation and invest significantly in the brand while maintaining solid relationship with the trade partners and other stakeholders towards ensuring sustainable profitability of business.” explained , Professor Egonmowan,

Comments of Vitafoam’s CEO

Vitafoam’s Group Managing Director and Chief Executive Officer , Mr Taiwo Adeniyi, noted that last year’s growth was a testament that the company’s leadership position, saying: ” The growth in turnover during the year underscores the resilience of the brand and further reinforces our industry leadership. We shall improve efficiency at all the touch points, particularly procurement, production and human capital management while strengthening collaboration with our trade partners towards expanding market share.”

Appointment of Three  Directors Confirmed 

At the meeting, the shareholders unanimously confirmed the appointments of Mr Olaoluwa Ogunfeyitimi and Mr Dahiru Gambo as Executive Directors while Mr Ademola Bolarinde was confirmed as a Non-Executive Director.

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