At the 62nd Annual General Meeting (AGM) of Vitafoam Nigeria Plc in Lagos, shareholders unanimously approved the company’s initial declared dividend of N1.95 billion.
Despite the harsh operating environment affecting profit margins for many manufacturing companies in Nigeria, Vitafoam’s board and management were commended for sustaining a positive rate of return.Vitafoam, a leading manufacturer of mattresses, pillows, bedding, and furniture, reported a revenue of N52.986 billion in September 2023, marking a significant 14% increase from the previous year’s revenue of N46.310 billion. This revenue figure represents the highest recorded in the last five years for the company.
Matthew Akinlade, the President of the Noble Shareholders Solidarity Association (NSSA), lauded the company’s ability to navigate economic downturns and maintain profitability. The declared dividend of N1.95 billion translates into N1.56 kobo per Ordinary Share of 50 kobo each, reflecting the company’s commitment to shareholder value and confidence in its financial stability.
Source: The Sun