Business a.m
Vitafoam Nigeria PLC, a frontline manufacturer of rigid foams and furniture accessories, has grown its revenue to N52.9 billon in 2023, from N46. 3 billion in 2022, an increase of 14 per cent despite the headwinds that characterised the operating environment.
In accordance with the company’s policy of shareholder value, the board of Vitafoam Nigeria has recommended a dividend of N1.9 per share, representing N1.56 per ordinary share of 50 kobo each, to be presented for shareholder approval at the Annual General Meeting (AGM) scheduled for 7th March 2024 in Lagos.
The Company’s total assets in the review period also rose to N49.6 billion from N39.4 billion in 2022.
Market watchers commended the Company’s performance against the backdrop of the tough operating environment . ” When it is weighed against the headwinds militating against the operations of manufacturers in Nigeria, Vitafoam’s performance shows corporate resilience. Manufacturers in Nigeria contend with a sharp decline in the Naira exchange rate relative to other major currencies, paucity of foreign exchange to import some raw materials, high cost of energy, weak purchasing power and low disposable income of consumers, rising inflation and devaluation of the Naira among others have always made the operating environment tough ‘, said an observer.
Determined to sustain its high performance , only recently, Vitafoam installed a multimillion machine in its subsidiary- Vitablom in Jos to boost turnover , profitability and increase market share.
Taiwo Adeniyi, Vitafoam’s group managing director, has consistently stressed the company’s commitment to research and development. According to Adeniyi,the company’s top-quality products are designed to meet the specific needs of its diverse customer base. In addition to its focus on innovation, Vitafoam is also a socially responsible company, with a strong CSR policy that prioritizes education and healthcare. The company has made significant investments in these areas, and its efforts have been recognised by stakeholders and the general public.
