Vitafoam’s Profit up by 110 Percent… Proposes N125m Dividends

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Vitafoam’s Profit up by 110 Percent… Proposes N125m Dividends
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A frontline manufacturer of foam and an array of home products,Vitafoam Nigeria Plc posted an After Tax  Profit of N412. 39 Million
> 2016 as against N196.64 Million in preceding year, an increase of 110
> percent . Besides, the company’s total assets grew by eight percent from N12.09 billion in 2015 to N13.098 billion in the review period.

> A statement from the company indicates that a sum of N125 million
> would be proposed as dividend of 12kobo per share to the company’s
> shareholders at the Annual General Meeting (AGM) scheduled for March
> this year. The statement attributes the impressive performance to the
> foresight of the company’s Board and Management as well as internal
> efficiency:

> “No doubt the last financial year was indeed very challenging for the Nigerian Economy. The significant improvement in operating profit was majorly due to cost control measures which were
> pre-emptively taken during the year.

> “In spite of the tough operating
> environment, the company achieved a 110 per cent increase in the profit
> after tax from N196.64 million in 2015 to N412.39 million in 2016. The
> company’s total assets grew by eight percent from N 12.09 billion in
> 2015 to N13.09 billion last year. This was supported by growth in our
> long term investment and total current asset.
>

>  ” The Board has proposed a dividend payment of N125 million
> representing 12 kobo per ordinary share at the next Annual General
> Meeting (AGM)”, according to the statement.
>

> Meanwhile , The company’s Group Managing Director and Chief Executive Officer,Mr Taiwo Adeniyi had earlier this month explained that Vitafoam would continue to operate optimally despite the high production cost and low
> purchasing power of customers.

> According to him,  the management had learnt how to operate within the confines of economic recession.
>          He explained that corporate organization ought to be able to
> make realistic plan by now as costs of some variables of production are
> becoming predictable.
>         Speaking on the dividend policy of Vitafoam, Adeniyi,explained that no matter the challenges in the economy Vitafoam would
> continue to place premium on the shareholder value
>

>   “Our shareholders are our pride. We have an obligation to work
> very hard to ensure that we consistently pay dividend. We shall pay dividend for 2016 despite recession. We have always sustained our culture of shareholder value. We shall continue to appreciate our
> shareholders’ advice on how to move the company forward”, Adeniyi said

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