▪︎Taiwo Adeniyi, GMD/CEO
The Board of Vitafoam Nigeria Plc will present a dividend of N1.951,317,000, representing 1.56 kobo per share to shareholders for approval at the next annual general meeting in 2024.
This is even as the company says that it’s expansion drive to Sierra Leone has begun to yield positive outcome by way of market penetration and acceptance of the products.
Vitafoam Nigeria, in its Consolidated and Separate Financial Statements for the year ended 30 September 2023, said that the group recorded a turnover of N52,986,466 billion in 2023 compared to the N46,310,015 billion in 2022.
” This subsidiary has commenced export of high quality products to Guinea as part of market expansion whilst strengthening collaboration with the government of Sierra Leone “
Profit before tax fell to N6,028 billion compared to N7,214 billion recorded in the previous year.
On the other hand, the Nigerian operations delivered a revenue of N47,723,375 billion in 2023 up by 13% from N42,128,595 posted in 2022 financial year.
Profit before income tax dropped to N4,929,600bn (-27%) from N6,748,246bn in 2022 while the profit after tax for the year was N3,418,992 billion lower by -22% from the N4,411,111 posted the previous year.
Expansion to ECOWAS
Group Managing Director/CEO, Taiwo Ayodele Adeniyi, said that the factory in Sierra Leone is already turning out products of high quality standards with good margin.
This subsidiary has commenced export of high quality products to Guinea as part of market expansion whilst strengthening collaboration with the government of Sierra Leone and other humanitarian agencies towards mass production and distribution of quality mattresses in Sierra Leone,” he said .
The company and her subsidiaries
(Vitapur Nigeria Limited, Vitablom Nigeria Limited, Vitavisco Nigeria Limited and Vitafoam Sierra Leone Limited) engage in the manufacture, marketing and distribution of flexible and rigid foam, fibre products, and textile products in Nigeria and across other West African countries.
Other additional subsidiaries are Vono Furniture Products Limited and Vitaparts Nigeria Limited
which manufacture quality furniture products and vehicle oil filters (spin-on and cartridge).