Posted by A total dividend of N1.95 billion has been approved by the shareholders of Vitafoam Nigeria Plc for the year ending September 30, 2023.
Even though the operational climate is unfavourable, which impacts the profit margin of many blue-chip manufacturing companies in Nigeria, the shareholders applauded the board and management of the company for maintaining a positive rate of return.
At the 62nd annual general meeting of the firm, which was held in Lagos, they gave their consent. A dividend of N1.95 billion, or N1.56 per share, was declared by the company.
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Sales for Vitafoam reached a five-year high of N52.986 billion in September 2023, up 14% from N46.310 billion the previous year.
Taking stock of Vitafoam’s performance reveals a robust company, according to Mathew Akinlade, president of the Noble Shareholders’ Solidarity Association (NSSA), who was speaking on behalf of the shareholders. Manufacturers in Nigeria are having trouble obtaining the foreign currency needed to purchase raw materials as inflation continues to climb.
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“Countless businesses have collapsed. So, it’s encouraging to note that Vitafoam’s profits have grown and that the dividend has increased slightly from before. We applaud the board and management’s efforts. Success this year bodes well for what’s to come.