Vitafoam Nigeria Plc has proposed a dividend of N1.05 per share, amounting to N1.375bn for approval by shareholders at its 63rd Annual General Meeting (AGM), scheduled for 6th March 2025 in Lagos.
The Group’s Net Asset, a performance indicator of corporate growth, rose to N25bn in 2024 from N17bn in the previous year, an increase of 47 per cent.
In a statement released to the Nigerian Exchange Limited (NGX) for the year ended September 30, 2024, the Gross Profit rose to N30bn in 2024 from N17bn, an increase of 76.5 per cent.
The Earnings Before Interest, Tax, Depreciation and Amortization (EBITDA) also rose from N7.9bn in 2023 to N8.3bn in the 2024 financial year.
However, due to the foreign exchange loss of N12.7bn in the review period, the Profit Before Tax declined from N6bn to N1.145bn.
Although the Operating Profit increased from N6.9bn to N7.6bn, this was moderated by the huge finance cost of N7.1bn which depressed the Profit Before Taxation to N1.1bn from N6bn last year.
The Group’s Managing Director, Taiwo Adeniyi, underscored the Company’s resilience and commitment to shareholder value.
He said, ” Our impressive performance was moderated by the cost incurred on forex. But the worst is over on the challenges of forex with the liberalization policy of the federal government.
“As a good corporate citizen, we decided to reward our shareholders with a dividend of N1.05 per share despite the loss incurred in the forex.
“Our diversified product portfolio will drive future growth while strategic investments backed by research will enhance our competitiveness.”
He noted that the company’s six subsidiaries- Vitafoam Serria Leone Ltd; Vitapur Nigeria Ltd; Vitablom Nigeria Ltd; Vitavisco Nigeria Ltd; Vono Furniture Products Ltd. and Vitaparts Nigeria Ltd. are well-positioned for quality services and products.