By Serikudi Abdulsamod (SIWES student, Ogun State Institute of Technology Igbesa OGITECH)
Vitafoam Nigeria’s Revenue Surges to N52.9 Billion in 2023 Despite Challenges; Proposes N1.9 Billion Dividend for 2022.
Vitafoam Nigeria, a prominent manufacturer of rigid foams and furniture, reports a 14% revenue increase to N52.9 billion in 2023 amidst a challenging operating environment.
At the upcoming Annual General Meeting, Vitafoam Nigeria aims to approve a dividend payment of N1.9 billion to shareholders for the 2022 fiscal year.
Vitafoam’s total assets climb to N49.6 billion in 2022, reflecting a notable N10 billion increase from the previous year.
Analysts commend Vitafoam’s remarkable performance in 2022, navigating challenges such as foreign exchange scarcity, high inflation, and energy costs, citing the company’s strong fundamentals and innovative approach.
Challenges in the Manufacturing Sector:
Industry analysts highlight operational difficulties for Nigerian manufacturers, attributing challenges to factors like foreign exchange scarcity, inflation, energy costs, and a weakened Naira.
Vitafoam’s Managing Director emphasizes the company’s Research & Development capabilities and customer-centric product development strategy as key contributors to its robust performance and value creation, despite economic challenges.
