By John Okoh
The board of directors of Vitafoam Nigeria Plc has recommended a dividend of N156.3 million representing 15 kobo per share for the financial year ended September 30, 2017. The dividend is still subject to shareholders’ approval and withholding tax. The company share price lost 16 kobo to close at N3.09 Kobo on Monday.
According to a statement which was signed by the company secretary / legal adviser Lekan Sann, the dividend will be paid on March 9, March 2018 upon approval at the Annual General Meeting (AGM), to members whose names appears in the register of members at the close of business on Friday February 16, 2018.
The company’s AGM will be held at Lagos Sheraton Hotel, Mobolaji Bank Anthony Way, Ikeja, Lagos on Thursday March 8, 2018.
However, details of the result shows that the issue of foreign exchange (forex) in the operating environment in Nigeria affected its profit in the period under review.
According to the financial statements, the profit before tax of fell to N18.1 million in 2017 from N61.2 million, while the company further recorded a loss of N127.7 million in the period under review in contrast to N32.03 million loss in 2016.
In the financial statements, Vitafoam recorded an operating profit of 1.3 billion as at September 30, 2017 against 888 million a year ago. Also, value of its total assets stood at N13.4 billion as at September 30, 2017 against N13.3 billion at September 30, 2016.