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Vitafoam proposes N246m dividend, raises profit by 67 per cent


Vitafoam Nigeria Plc. Image source vitafoamng

Vitafoam Nigeria Plc. Image source vitafoamng

VITAFOAM Nigeria Plc has proposed a dividend of N246 million, translating into 30 kobo per share in addition to a bonus share of one for every five Ordinary Shares held by each shareholder as rewards from the company’s outstanding performance in its 2014 financial year.

By the company’s financial performance, it posted an after tax profit of N659 million in the current year as against N395 million recorded in the previous year, an increase of 67 per cent, despite assessed harsh operating environment.

According to a statement from the company, its earnings per share (EPS) grew by 69 per cent to stand at 81 kobo per share in the current period compared with 48 kobo per share in the previous year.

The result is expected to be endorsed by the company’s shareholders on June 4, 2015 at the annual general meeting when the Chairman, Dr. Bamidele Makanjuola, would present the scorecard.

“The strong financial performance has been submitted to the Nigerian Stock Exchange.  Expectedly, investors are already jostling for the company’s shares on the Nigerian Stock Exchange, thus leading to steady appreciation of the share price. Market watchers were quick to attribute the company’s impressive performance to innovation and internal efficiencies.

“As part of the strategy to strengthen its operations off-shore, the company has installed modern equipment in its plant in Sierra Leone. The plant serves all the neighbouring countries including Guinea and Gambia.  Only recently, its subsidiary, Vitapur Nigeria Limited acquired modern equipment called SAIT Advanced Polyurathane to boost production of quality pallets and reinforce capacity utilization.

“As a corporate citizen, Vitafoam has a long history of Corporate Social Responsibility (CSR). For instance, the company presents gifts items to the first new baby in any Lagos hospital annually. In a similar vein, the company recognizes and rewards outstanding staff and distributors while premium is placed on development of human capital to enable the staff catch up with the dynamics of changes in the manufacturing sector globally”, the statement read in part.

Vitafoam is on the list of quoted companies that had won the Nigerian Stock Exchange’s Annual President’s Award for exceptional corporate performance severally.

The company’s overall performance is anchored on its policy, which is determined by a competent and dynamic board and supported by a robust management team.

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