Vitafoam Nigeria Plc has proposed a dividend of N1.05 per share, amounting to N1.375 billion. The company will be seeking approval by shareholders at its 63rd Annual General Meeting (AGM) scheduled for March 6, 2025 in Lagos.
In a statement released to the Nigerian Exchange Limited (NGX) for the year ended September 30, 2024, the company’s gross profit significantly rose to N30 billion in 2024 from N17 billion, an increase of 76.5 percent. However, due to a foreign exchange loss of N12.7 billion in the review period, the profit before tax declined from N6 billion to N1.145 billion.
The operating profit increased from N6.9 billion to N7.6 billion, but this was moderated by a finance cost of N7.1 billion, which depressed the Profit Before Taxation to N1.1 billion from N6 billion last year. The Earnings Before Tax, Interest Depreciation and Amortization (EBITDA) also rose from N7.9 billion in 2023 to N8.3 billion in the 2024 financial year.
The group’s net assets, a significant performance indicator of corporate growth, increased to N25 billion in 2024 from N17 billion in the previous year, a 47 percent increase.
The company’s six subsidiaries – Vitafoam Sierra Leone Limited, Vitapur Nigeria Limited, Vitablom Nigeria Limited, Vitavisco Nigeria Limited, Vono Furniture Products Limited, and Vitaparts Nigeria Limited – are well-positioned for providing quality services and products.
“Our impressive performance was moderated by the cost incurred on forex,” said Taiwo Adeniyi, Group Managing Director of Vitafoam Nigeria Plc, emphasizing the company’s resilience and commitment to shareholder value.
“Our diversified product portfolio will drive future growth, and strategic investments backed by research will enhance our competitiveness,” said the Group Managing Director and Chief Executive Officer.
Author Bio:
Iheanyi Nwachukwu is a creative content writer with over 18 years of journalism experience writing on banking, finance, and capital markets. The award-winning journalist is Assistant Editor at BusinessDay. Iheanyi holds a BSc Degree in Economics from Imo State University and a Master of Science (MSc) Degree in Management from the University of Lagos. He has attended several work-related trainings to enhance his skills in writing and reporting.
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