Vitafoam Nigeria Plc has proposed a dividend of N1.05 per share, amounting to N1.375 billion.
The corporate might be searching for approval by shareholders at its 63rd Annual Normal Assembly (AGM), scheduled for March 6, 2025 in Lagos.
In a press release launched to the Nigerian Alternate Restricted (NGX) for the yr ended September 30, 2024, the corporate’s gross revenue considerably rose to N30billion in 2024 from N17billion, a rise of 76.5 p.c.
Nonetheless, as a result of overseas alternate lack of N12.7 billion within the assessment interval, the revenue earlier than tax declined from N6billion to N1.145 billion.
Though the working revenue enhance from N6.9 billion to N7.6 billion, this was moderated by the large finance value of N7.1billion which depressed the Revenue Earlier than Taxation to N1.1billion from N6billion final yr.
The Earnings Earlier than Tax, Curiosity Depreciation and Armotisation (EBTIDA) additionally rose from N7.9 billion in 2023 to N8.3 billion in 2024 monetary yr.
The group’s web asset, a serious efficiency indicator of company progress, has shot as much as N25billion in 2024 from N17billion within the earlier yr, a rise of 47 p.c.
The corporate’s six subsidiaries- Vitafoam Serria Leone Restricted; Vitapur Nigeria Restricted; Vitablom Nigeria Restricted; Vitavisco Nigeria Restricted; Vono Furnishings Merchandise Restricted. and Vitaparts Nigeria Restricted are well-positioned for high quality providers and merchandise.
“Our spectacular efficiency was moderated by the associated fee incurred on foreign exchange,” stated Taiwo Adeniyi, Group Managing Director, Vitafoam Nigeria Plc who underscored the Firm’s resilience and dedication to shareholder worth.
“However the worst is over on the challenges of foreign exchange with the liberalisation coverage of the federal authorities. As an excellent company citizen, we determined to reward our shareholders with dividend of N1.05 per share regardless of the loss incurred within the foreign exchange”.
“Our diversified product portfolio will drive future progress whereas strategic investments backed by analysis will improve our competitiveness”, says the Group Managing Director and Chief Govt Officer.
Iheanyi Nwachukwu
Iheanyi Nwachukwu, is a inventive content material author with over 18 years journalism expertise writing on banking, finance and capital markets. The a number of awards successful journalist is Assistant Editor, BusinessDay. Iheanyi holds BSc Diploma in Economics from Imo State College; Grasp of Science (MSc) Diploma in Administration from College of Lagos.
Iheanyi has attended a number of work-related trainings together with (i) Superior Writing and Reporting Abilities (Pan African College, Lagos); (ii) Information Company Journalism (Indian Institute of Mass Communication {IIMC}, New Delhi, India); and (iii) Capital Markets Improvement and Laws (Worldwide Legislation Institute {ILI} of Georgetown College, Washington DC, USA).