Investment READ MORE

Vitafoam Nigeria in record N435 million Profit in 2014

Vitafoam Nigeria Plc has explained that its performance in 2014 was impressive  as its profit went up by 11.8 per cent. Speaking to the capital market community during the company’s fact behind its financial figures for 2014, the acting Group Managing Director, Mr. TaiwoAdeniyi  said  that the company would continue to sustain its culture of ensuring shareholder value.

Adeniyi noted that Vitafoam Nigeria Plc has the largest foam manufacturing and distribution network which facilitates just in time delivery of finished products throughout West African Sub region. He explained that despite the inclement operating environment, the company’s gross profit was up by 5.4 per cent to N5.4 billion while profit after tax rose by 11.8 per cent to N435 million.

Meanwhile, the company has proposed a gross dividend of N246 million and a bonus share of one for every five shares held for approval by the shareholders at the Annual General Meeting scheduled for this month. Adeniyi attributed the strong performance to the following critical success factors: professional and dedicated staff, processes and procedures, internal efficiencies, operational innovation and creativity and timely execution of strategic plan.