The N1.95 billion dividend that Vitafoam Nigeria Plc announced has been authorized by its shareholders.
Nairametrics stated that, the dividend approved during the 62nd Annual General Meeting of the firm in Lagos, is equivalent to N1.56 kobo for each Ordinary Share, valued at 50 kobo.
The stockholders whose names are included in the Register of Members at the close of business on Monday, February 12, 2024, will receive the dividend, according to the corporation.
Speaking to shareholders during the AGM, Group Managing Director and CEO of Vitafoam, Mr Taiwo Adeniyi, stated that “The company’s leading position was demonstrated by last year’s growth.
“According to Adeniyi, Vitafoam reported sales of N52.986 billion in September 2023, the highest in the previous five years and up 14% from N46.310 billion the year before.”
The board and management of the business were praised by shareholders for maintaining a positive rate of return in spite of a challenging operating environment that negatively impacts the profit margin of several blue-chip manufacturing enterprises in Nigeria.
According to the President of the Noble Shareholders’ Solidarity Association, Mr. Mathew Akinlade, “Manufacturers in Nigeria are having difficulty obtaining foreign exchange to purchase raw materials, and inflation is on the rise.”
In agreement with him, the former National Coordinator of the Independent Shareholders Association of Nigeria, Dr. Anthony Omojola, “Praised the firm for maintaining a good rate of return during a time when many are fighting to stay in operation in Nigeria.”
Chairman of Vitafoam, Professor Rosemary Egonmowan, who recently announced her resignation from the board, assessed the challenging operating environment and expressed her happiness that the firm was able to accomplish an exceptional performance in her speech.
She gave the stockholders her word that “Vitafoam will keep coming up with new ideas to get a stronger competitive advantage.”
The nominations of Mr. Olaoluwa Ogunfeyitimi and Mr. Dahiru Gambo as Executive Directors, as well as the confirmation of Mr. Ademola Bolarinde as a Non-Executive Director, were affirmed by the shareholders during the meeting.
