Vitafoam set to acquire Vono Products

Vitafoam puts forward proposed dividend price, bonus shares to shareholders

Vitafoam Nigeria Plc has proposed a dividend of N246 million, translating into 30 kobo per share in addition to a bonus share of one for every five ordinary Shares held by each shareholder, stating that it is a reward for the shareholders as a result of the company’s outstanding performance in its current (2014) fiscal year.

According to the company’s financial statement, it posted a profit-after-tax of N659 million in the current financial year as against N395 million recorded in the previous year, an increase of 67 per cent.

Similarly, the popular mattress brand disclosed that its earnings per share (EPS) grew by 69 per cent, posting an EPS of 81 kobo per share in the current period compared with 48 kobo per share in the previous year.

The financial performance of Vitafoam Nigeria in the period under review is said to be considered by the board and management of the company as “great” despite the harsh economic conditions that engulfed the business environment during the year. Subsequently, the report has been submitted to the Nigerian Stock Exchange and is expected to be formally endorsed by the company’s shareholders when the company’s Chairman, Dr Bamidele Makanjuola presents the report on June 4, 2015 at the annual general meeting of the company.

Vitafoam is on the list of quoted companies that had won the Nigerian Stock Exchange’s Annual President’s Award for exceptional corporate performance severally. The company’s overall performance is anchored on its policy which is determined by a competent and dynamic board.