At its 63rd Annual General Meeting (AGM), set for March 2025 in Lagos, Vitafoam Nigeria PLC has suggested a dividend of N1.05 per share, totaling N1.375 billion, for approval by shareholders.
From N17 billion in the year before to N25 billion in 2024, an increase of 47% this is the Group’s Net Asset, a significant performance indicator of corporate growth. Released to Nigerian Exchange Limited (NGX), the company’s financial statement for the year ending September 30, 2024, shows a 76.5% increase in Gross Profit from N17 billion to N30 billion.
Rising from N7.9.9 billion in 2023 to N8.3 billion in the 2024 financial year is also the Earnings Before Interest, Tax, Depreciation and Armotization (EBTIDA). However, the Profit Before Tax dropped from N6.9 billion to N1.145 billion due to the foreign currency loss of N12.7 billion in the review period.
The large financing cost of N7.1 billion helped to limit the Operating Profit increase from N6.9 billion to N7.6 billion by lowering the Profit Before Taxation to N1.1 billion from N6 billion last year, BrandSpur business and economy news reports.
Taiwo Adeniyi, Group Managing Director, underlined the company’s tenacity and dedication to shareholder value.
According to Adeniyi: “Our impressive,, performance was moderated by the cost incurred on forex. But the worst is over on the challenges of forex with the liberalization policy of the federal government. As a good corporate citizen, we decided to reward our shareholders with a dividend of N1.05 per share despite the loss incurred in the forex.
“Our diversified product portfolio will drive future growth while strategic investments backed by research will enhance our competitiveness,” the Group MD added.
Reputed as a Nigerian company, Vitafoam’s sales span international borders. Well-positioned for quality services and goods are the six subsidiaries of the company: Vitafoam Serria Leone Ltd.; Vitapur Nigeria Ltd.; Vitablom Nigeria Ltd.; Vitavisco Nigeria Ltd.; Vono Furniture Goods Ltd.; and Vitaparts Nigeria Ltd.
