Another Insider Buys 801 Vitafoam Shares

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Dr. Bamidele Makanjuola, a non-executive director, Vitafoam Nigeria Plc, purchased 801 ordinary shares of the company.

In a statement released and signed by the same Sanni Olalekan, the secretary and legal adviser bought 801 shares at N9.00 per unit at the Nigerian Exchange Limited in Lagos, Nigeria.

Vitafoam recorded revenue of N23.44 billion, up by five per cent from N12.281 billion in 2019.

Profit before tax rose 62 per cent to N5.647 billion, from N3.496 billion, while profit after tax grew faster by 72 per cent from N2.56 billion to N4.108 billion.

The higher growth in the bottom line resulted from an 8.1 per cent drop in the cost of sales and an 11.4 per cent reduction in finance cost. Basic earnings per share increased from N1.82 to N3.05 and net assets per share hit N7.25 in 2020, 54.3 per cent above N4.70 recorded in 2019.

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