The shareholders of Vitafoam Nigeria PLC have expressed their delight at the Board and the company's management on the declaration of N1.31 billion, which translates into N1.05 by ordinary action for the financial year ended on September 30, 2024.
In the 63rd Annual General Meeting (AGM) of Vitafoam in Lagos on Thursday, the main manufacturer of flexible and reconstituted foams and domestic materials was also praised by the shareholders for its ability to navigate the turbulence that characterized the Nigerian economy in the review period.
The group billing reached N82.6 billion in September 2024, a 56 percent increase over N52.9 billion published in 2023. But the increase in income was moderated by the loss of foreign exchange, which impacted some of the gains components. However, shareholders generally explained that the dividend was evidence of the company's policy to guarantee the value of the shareholders.
When commenting on the performance of Vitafoam, a shareholder, Pastor Adebayo Adelev, praised the Board and the Management for the storm of 2023/2024 to declare a dividend for the shareholders.
“The resolution to give a dividend despite the challenges shows that the company has the interests of its shareholders in the heart. With the impressive performance of the subsidiaries, we are becoming a conglomerate. There is a need to strengthen the structure of the subsidiaries' board, ”said Adeleke.
Corroborating it, the national coordinator of the Pragmatic Association of Shareholders of Nigeria, Bisi Bakare, explained that the outstanding performance of Vitafoam despite the hard operational environment could be attributed to a legacy of excellence and foundations over the years.
“The outstanding performance under the leadership of the current executive director is a testimony of a legacy of good foundation by each executive director of the company over the years. While praise the Board also, I advise more women to be taken to the Board against current women. This will promote gender balance and improve corporate governance, ”said Bakare.
Previously in his speech, the president, Zakari Sada, informed euphoric shareholders that appropriate strategies had been established to position the company for star performance, saying: “Despite the challenges in the business environment, I am pleased to inform him that his company held the growth trend. The group's turnover improved from N52.9 billion in financial year 2023 to N82.6 billion in 2024, a growth of 56%. The increase in income attests to the strength and acceptability of the Vitafoam brand. Unfortunately, the positive first -line performance was undermined by the enormous loss of currencies published during the year, mainly due to the impact of the harmonization of the exchange rate and the decrease of the attendees in the value of the Naira against other currencies, particularly the dollar. I would like to ensure a brilliant light at the end of the tunnel, since the strategies are already being implemented to mitigate the impacts of these external factors on our business in the future. “
The group managing director and the executive director, Taiwo Adeniyi, has always maintained that “our strategic approach in operational efficiency, innovative product offers and customer satisfaction has allowed us to navigate the challenging environment and achieve significant growth. We continue optimistic about the future and trust that our strategies will continue to produce positive results. “
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