Vitafoam shareholders get N1.9bn dividend

Vitafoam Nigeria PLC, has rewarded its shareholders with a dividend payout of N1.9 Billion, translating into N1.52 per ordinary share of 50 kobo each for the 2022 financial year.

This is just as the firm announced the retirement of its Chairman, Dr Bamidele Makanjuola after serving for 10 years.

Addressing the shareholders at the Company’s 61st Annual General Meeting in Lagos on Thursday, Makanjuola, commended the Company’s Board and Management and shareholders for their support throughout his tenure.

He said, “I would like to inform you that this is the last AGM at which i shall address you as  Chairman of Vitafoam Nigeria Plc., having served out a full term in line with the company’s tenure policy for Non-Executive Directors.

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“The fundamentals of our business remain strong . The growth in turnover in a volatile operating environment exemplified the unique strength and resilience of our brand.

Shareholders noted that during his tenure, Vitafaoam recorded exponential progression in virtually all performance indicators.

The President, Noble Shareholders Solidarity Association (NSSA), Mr Mathew Akinlade said:”A peep at just the last 5-year performance alone is quite revealing that Vitafoam under Dr Makanjuola had grown tremendously. For instance, the revenue grew from N19. 5 billion in 2018 to N46. 3 billion in 2022,  an increase of 137 percent . The Earnings Per Share moved from 57 kobo to 338 kobo, an increase of 493 percent. The man deserves to be celebrated.”