Vitafoam Nigeria to Disburse N248million Shareholders’ Dividend

Vitafoam Nigeria Plc on Thursday, January 7, announced that its board of directors has recommended a dividend N247.7 million for the year ended September 30, 2015. T

he dividend, which translates into dividend of 25 kobo per share, is the first to be announced by any company in 2016.

According to the audited results of the company, Vitafoam recorded a growth of 8.8 per cent in revenue, rising from N16.713 billion to N17.185 billion, while gross profit rose marginally by 0.7 per cent to N5.433 billion, from N5.395 billion in 2014. Other gains soared by 204 per cent from N256 million to N778 million.

However, administrative costs rose by 19 per cent from N3.202 billion to N3.826 billion, while distribution costs fell by 2.6 per cent to N915 million, from N939 million. The company ended the year with an operating profit of N1.469 billion, showing a decline of 2.7 per cent compared to N1.510billion posted in 2014.

But finance costs leaped by 26 per cent to hit N1.015 billion in 2015, up from N805 million in 2014. Consequently, profit before tax fell by 24 per cent to N534 million, from N709 million, while profit after tax recorded a higher decline of 42 per cent to be at N249 million, down from N435 million in 2014.