Shareholders of Vitafoam Nigeria Plc convened for the 62nd Annual General Meeting (AGM) in Lagos, where they unanimously approved the company’s proposed dividend payout of N1.95 billion. This dividend, translating to N1.56 kobo per Ordinary Share of 50 kobo each, was met with resounding support from investors.
The approved dividend is scheduled for distribution to shareholders listed in the Register of Members as of the close of business on Monday, February 12th, 2024.
In his address to shareholders, Taiwo Adeniyi, the Group Managing Director and Chief Executive Officer of Vitafoam, celebrated the company’s robust performance in the preceding fiscal year. Vitafoam recorded a revenue of N52.986 billion in September 2023, marking a notable 14% increase compared to the previous year, reflecting the company’s leadership position in the industry.
Adeniyi outlined the company’s strategy to enhance operational efficiency across various facets of its operations, including procurement, production, and human capital management. He emphasized the importance of collaboration with trade partners to drive market expansion initiatives.
Shareholders commended the board and management for maintaining a positive rate of return despite the challenging business landscape, which has posed significant hurdles for manufacturing companies across Nigeria.
Mathew Akinlade, President of the Noble Shareholders’ Solidarity Association (NSSA), praised Vitafoam for its resilience amid rising inflation and forex challenges encountered by the manufacturing sector. Akinlade highlighted the company’s ability to not only grow profits but also distribute dividends, showcasing its financial strength and commitment to shareholders.
Anthony Omojola, former National Co-Ordinator of the Independent Shareholders Association of Nigeria (ISAN), echoed Akinlade’s sentiments, lauding Vitafoam for its commendable performance amidst industry-wide adversities.
During the AGM, Professor Rosemary Egonmowan, Vitafoam’s Chairman, announced her retirement from the board, reflecting on the company’s achievements in navigating a challenging operating environment. Egonmowan assured shareholders of Vitafoam’s continued focus on innovation and stakeholder engagement to drive sustainable profitability.
Furthermore, shareholders ratified the appointments of Olaoluwa Ogunfeyitimi and Dahiru Gambo as Executive Directors, alongside Ademola Bolarinde as a Non-Executive Director.
Vitafoam Nigeria Plc remains committed to delivering value to its shareholders while upholding its position as a leading player in the Nigerian manufacturing sector.
Credit: Nairametrics
