Vitafoam Nigeria Plc has approved the distribution of N1.9 billion as cash dividends for the 2022 business year.Information Guide Nigeria

This was approved by stakeholders at the annual general meeting (AGM) in Lagos. The shareholders approved payment of a dividend per share of N1.52.

Dr Bamidele Makanjuola, Chairman, Vitafoam Nigeria Plc noted that while turnover grew substantially, profitability was hobbled by raw materials price inflation at both local and international markets.

According to him, the company had to contend with many headwinds including a sharp decline in naira exchange rate relative to other major currencies, poor purchasing power, the paucity of foreign exchange, high inflation, and low disposable income of consumers among others.

THGE NATION reports that  Makanjuola said efforts will be intensified to grow the business lines by expanding Vitafoam’s product offerings.

Makanjuola, who announced his retirement to the shareholders, after 10 years of service in line with the company’s tenure policy assured that with the company’s team of innovative management and staff, it shall continue to post strong earnings and generate shareholder value irrespective of vagaries in the operating environment.NYSC Portal

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Shareholders celebrated and noted that during his tenure, Vitafoam recorded exponential progression in virtually all performance indicators.

President, Noble Shareholders Solidarity Association (NSSA), Mr Mathew Akinlade said,

“A peep at just the last five-year performance alone is quite revealing that Vitafoam under Dr Makanjuola had grown tremendously. For instance, the revenue grew from N19. 5 billion in 2018 to N46. 3 billion in 2022, an increase of 137 per cent.

“The earnings per share moved from 57 kobo to N3.38, an increase of 493 per cent. The man deserves to be celebrated.”

The Group Managing Director, Vitafoam Nigeria Plc, Mr Taiwo Adeniyi  also said,

“You may see two products looking so much alike in the market but they do not cost the same price. Intrinsic values in our products stand us out. We have created a niche market for ourselves. We don’t play in every market. We don’t run at the same pace with others.

“We invest heavily in research and development and we customise our products to address the needs of our diverse customers, including consideration for age and gender. This is what is standing us out in the market place. We produce well and price well.”JAMB Result

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