Sanni Olalekan Akeem, the Company Secretary/Legal adviser, Vitafoam Nigeria Plc, purchased 150,000 ordinary shares of the company.
Insider dealings give clues on insiders’ sentiment and director unlike before the new transparent policy where shareholders do not know what executives that formulates policy that impacts their desire stocks are doing.
In a statement released and made available to Brand Spur, the company secretary/legal adviser bought 150,000 shares at N8.90k per unit on May 6, 2021, at the Nigerian Stock Exchange in Lagos, Nigeria.
Vitafoam posted 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 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.