Vitafoam Shareholders approve N1.31bn dividend
Shareholders of Vitafoam Nigeria Plc have endorsed a N1.31 billion dividend payout for the 2024 financial year, reaffirming the company’s dedication to sustainable expansion.
At the Annual General Meeting (AGM) held in Lagos, shareholders commended the firm’s consistent dividend history, noting that it reflects the board and management’s commitment to shareholder value.
The approved dividend, equating to N1.05 per share, serves as a testament to Vitafoam’s strong 2024 financial performance.
A review of the audited financial statements for the year ended 30th September 2024 revealed that Vitafoam Nigeria’s turnover surged by 56 per cent, rising from N52.9 billion in 2023 to N82.6 billion in 2024. However, foreign exchange losses partially offset the revenue gains, reflecting the challenges posed by currency fluctuations.
Adebayo Adeleke, a well-known shareholder advocate, praised the company’s performance, stating:
“This dividend payment underscores Vitafoam’s dedication to its shareholders. With the impressive performance of its subsidiaries, the company is evolving into a conglomerate. There is now a need to reinforce the governance structures of these subsidiaries to sustain this momentum.”
Similarly, Mrs Bisi Bakare, National Coordinator of the Pragmatic Shareholders Association of Nigeria, attributed Vitafoam’s exceptional results to a strong foundation built over the years.
“The remarkable achievements under the current Chief Executive Officer demonstrate the positive legacy established by past leaders of the company,” Bakare stated.
She further encouraged the board to increase female representation, asserting that greater gender diversity would enhance corporate governance and promote inclusivity.
Zakari Sada, Chairman of Vitafoam Nigeria, assured shareholders that strategic initiatives are being executed to enhance future performance. He emphasised that the increase in revenue reflects the brand’s strength and widespread market acceptance.
However, he acknowledged that foreign exchange losses, largely driven by the harmonisation of exchange rates, had dampened overall financial gains.
“I want to assure all stakeholders that we see a positive outlook ahead. We are already implementing measures to counteract these external pressures and safeguard our business,” Sada affirmed.
Taiwo Adeniyi, Group Managing Director of Vitafoam Nigeria Plc, attributed the company’s success to a strategic emphasis on operational efficiency, innovative product development, and customer satisfaction.
“We remain optimistic about the future and are confident that our strategies will continue to deliver positive outcomes,” Adeniyi stated.
With a solid growth trajectory and a focus on resilience, Vitafoam remains well-positioned to navigate economic challenges while continuing to deliver value to its shareholders.
