Vitafoam Nigeria Plc posted net profit of 4.384 billion naira for the fiscal year ended September 30, 2021.
In addition, the company declared a total dividend of 1.876 billion naira for the period under review, an increase of 114 percent from the 87.590 million naira paid in 2020. Shareholders will receive 1.50 naira per share.
An audited financial statement published on the Nigerian Exchange (NGX) Limited showed that the company posted strong earnings across all of its performance indicators despite the difficult operating environment in Nigeria.
Vitafoam reported sales of 32.007 billion Naira in 2020, an increase of 49% from 21.820 billion Naira in the corresponding period. Cost of sales reached 21.727 billion naira, compared to 12.430 billion naira, while gross profit for the period was 13.677 billion naira, higher than the 11.013 billion naira reached in 2020.
Profit before income tax amounted to N6.779 billion versus N4. 963 billion naira, an increase of 37 percent, while profit for the year was 4.384 billion naira against 3.456 billion naira, an increase of 27 percent. Total assets stood at 31.790 billion naira compared to 21.636 billion naira in September 2020.
Network Capital Managing Director Mr. Oluropo Dada said: “Vitafoam has always been resilient despite the challenges that militate against the manufacturing sector in Nigeria. The current performance of the company is a great improvement over the historical performance.
Speaking on the performance of the company, the Managing Director of Vita Foam Nigeria Group, Mr. Taiwo Adeniyi, attributed his consistent strong performance to innovative consulting and management, the continued introduction of several products at- beyond foams and huge investments in research and development, among others.
According to the company, the company is driven by a collective commitment to a culture of integrity, accountability and transparency.
“We conduct our operations in accordance with good moral and ethical standards while obeying relevant legislation. Our objective is to remain a responsible and responsive corporate organization committed to ensuring a healthy and comfortable life while contributing positively to the overall growth of the country ”, underlined the firm.