Vitafoam Posts N15.439bn Profit, Assures Shareholders Of More Dividend

Vitafoam Nigeria PLC has recorded a gross profit of N15.439bn in its 2022 financial year assuring its shareholders of an increase in a cash reward.

The financial statement of Vitafoam ends on September 30 of every year.

The company released its 2022 fiscal year results on Friday revealing that its 2022 gross profit increased by 12.57 percent to N15.439bn from N13.677bn in 2021.

The driving force for this improvement in profit was due to the high demand of its products by its customers, which led to an increase in revenue from N44.7bn in 2022 compared to N34.2bn in the preceding year, which further led to the rise in dividends.

From the 2021 accounting year, the board paid N1.50 percent as the final dividend for each company stock held by investors. This was raised by 1.33 per cent to N1.50 per cent this year.

Further breakdown indicated that the cost of sales skyrocketed to N30.912bn in 2022 compared to N21.726bn in the preceding year and income from transportation improved from N1.6bn to N1.2bn.

The company’s financial results stood at N998.6m from finance income compared with N254.9m in the preceding fiscal year.

The cost of finance dropped to N704.986m in 2022 compared with N852.507m in 2021.

More insight into the company statement revealed that administrative expenses for as of September 30, stood at N6.8bn, compared to N4.5bn as of September 30, 2021.

The company attributed the expenses to advertising, donations, personnel costs, entertainment, exchange loss, insurance, utilities, transport, and security amongst others.