Shareholders of Vitafoam Nigeria PLC have endorsed the proposed N979.41 million which translates into 70 kobo per ordinary shares for the company’s 2020 financial performance, a whopping increase of 64 per cent as against the corresponding year. The elated shareholders, at the Annual General Meeting (AGM), yesterday, specifically commended the company’s management for the outstanding performance and urged them to sustain it.
The leading manufacturer of rigid foams and other household equipment has announced a 5.2 per cent increase in total sales, 8.1 per cent drop in cost of sales while the 11.4 per cent reduction in finance was a reward for internal cost efficiency. The company’s After taxes net profit soared by 72 per cent from N2.39 billion to N4.11 billion.
Basic earnings per share increased from N1.82 to N3.05 and Net assets per share hit N7.25 in 2020, 54.3 per cent above N4.70 recorded in 2019. Commenting on the performance of the company, a member of Independent Shareholders’ Association of Nigeria, Alhaja Ayodele Kudaisi, said, the company’s dividend has been on upward trend in the last three years while adding that the company’s Board and Management have demonstrated capacity to compete globally despite the challenges in the operating environment.
Corroborating her, Nona Awoh, a shareholder who also showered encomiums on the company’s stellar performance, urged the Board and Management to consider the need to commence interim dividend to further boost the shareholders’ Return On Equity (ROE).