Vitafoam re-states Commitment to Healthy Living

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Vitafoam re-states Commitment to Healthy Living

A quoted company and manufacturer of rigid foams and other household products, Vitafoam Nigeria PLC, has assured Nigerians of continued support for healthy growth of children as foundation for purposeful adulthood, even as it has just announced a N4.6 billion after tax profit in its audited accounts.

Speaking at the award ceremony for the first three babies of the year at Lagos Mainland Maternity Hospital on Saturday, January first, 2002, the Company’s Executive Director, Corporate Services, Mr Sola Owoade explained that it had been the tradition of Vitafoam to support babies with some of its premium products.

According to him, at the core of the Company’s Corporate Social Responsibility (CSR), is the policy of giving back to the society at various levels.

Owoade said that the Company’s existence was highly dependent on the society and it therefore has a responsibility to sustain its culture of quality products, including baby materials.

In line with Vitafoam’s annual tradition of putting smiles on the faces of parents of the first three babies, the Company donated an array of products, including babycot, hospital mattresses, memory topper, complete duvet set, leisure mat, sofa bed and memory and fibre pillows respectively.

“ As a good corporate citizen, Vitafoam Nigeria PLC, instituted an annual award for the first three babies of the year at Lagos Island Maternity Hospital over many decades. This is consistent with our Corporate Social Responsibility (CSR). Our company is truly Nigerian-owned and all the baby products given out today are made by Vitafoam. This also reflects our multiple products. We are not just about rigid foams only but other household materials, including furniture.

“ Vitafoam’s goal is to continually put smiles on the faces of every Nigerian. We always celebrate the first three babies of the year with our products. We congratulate the parents of this year’s beneficiaries. We believe that good facilities are necessary in our hospitals for enhanced child delivery. We appreciate the government’s efforts in this regard but corporate organizations also have a responsibility to support the government. “, said Owoade.

The first baby of the year was delivered at exactly 12.10 am, second, 12.50 am and the third, 1.30 am. The Hospital’s Chief Medical Director, Dr Omololu Olufemi commended Vitafoam’s continuous corporate gesture. Olufemi noted that the annual gifts are spread across the first babies of the year. We have always enjoyed the partnership with Vitafoam over the years.

Father of the first baby of the year, Mr Laiyenbi Qudus expressed gratitude to the Management of Vitafoam for the gift, describing it as a great beginning of the year for the new baby.

Meanwhile, Vitafoam at the weekend announced its full year performance, ended September 30, 2021 with strong earnings despite the inclement operating environment.

By the audited accounts, it posted a turnover of N32.007 billion in 2020, an increase of 49 % above N21. 820 billion in the corresponding period. Profit Before Income Tax stood at N6.779 billion as against N4. 963 billion , an increase of 37 percent, while the profit for the year amounted to N4. 384 billion compared to N3. 456 billion representing 27 % increase.

Already, the Company has proposed a dividend of N1.876 billion as against N87,590 million in 2020, an increase of 114 %. The shareholders are expected to approve the dividend at the Company’s Annual General Meeting ( AGM), on Thursday, March 3, 2022 in Lagos.

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