The Board and Management of Vitafoam Nigeria Plc have recommended the payout of a total dividend of N260.51 million, which represents 25 kobo per share for the financial year ended September 30, 2018.
The dividend which is subject to shareholders’ approval and withholding tax, is expected to be paid on March 8, 2019, to shareholders whose names appear in the Register of members at the close of business on Friday, February 15, 2019.
Vitafoam is also giving 1 bonus share for every 5 existing ordinary shares to shareholders. The new shares, according to Vitafoam, shall rank equally in all respects with the exisiting ordinary shares except that they shall not rank for the dividend recommended for the year ended September 30, 2018.
Vitafoam Nigeria Plc had released its results for the financial year ended September 30, 2018.
The company’s revenue increased from N17.6 billion in 2017 to N19.5 billion in 2018. This represents a 10.7% increase year on year.
Profit before tax jumped from N18.1 million in 2017 to N793 million in 2018. The company made a profit after tax of N601 million compared to a loss after tax of N127 million recorded in the comparative period of 2017.
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Earnings per share stood at N0.57 in 2018 as against a negative of N0.15 in 2017.
Vitafoam Nigeria Plc is a foam manufacturing company based in Ikeja, Lagos. It is one of Nigeria’s largest foam manufacturers, producing both flexible and rigid polyurethane products. The company also owns an interest in Vitafoam Ghana and Vitafoam Sierra Leone.
In 2011, it entered into a strategic alliance with a struggling competitor, Vono Products before purchasing the company. The purchase of Vono Products increased the company share of the furniture market. In the 2000s, the company expanded its product offering by investing in modern sleep options that are now managed by four of its subsidiaries: Vitapur, Vitagreen, Vitavisco and Vitablom. Vitapaur offers insulation friendly building materials.
Vitafoam Nigeria Plc stock closed at N4.50 on the floor of the Nigerian Stock Exchange (NSE) during the last day of trading.