Vitafoam@60: Sustained profitability due to innovation – GMD
Vitafoam Nigeria Plc has attributed its sustained profitability over six decades to strategic transition from sleeping business to living business, through introduction of innovative products and services.
The company’s Group Managing Director, Mr Taiwo Adeniyi, said this in a statement on Wednesday in Lagos.
Adeniyi said that the company had consistently posted strong earnings with increased shareholder value, despite the inclement operating environment.
He said that the company rewarded its shareholders with a N1.9 billion dividend, following its improved performance for the 2021 financial year.
Adeniyi said that the dividend, which translated into N1.50 per share, was approved by the shareholders at the company’s 60th yearly general meeting in March.
According to him, Vitafoam is the first foam manufacturing company in Nigeria to partner with a sleep expert in educating Nigerians on quality sleep and healthy living.
He stated that the Vitafoam’s 60 years anniversary promo is tagged: “Vitafoam 60 for 60 promo; everyone is a winner”.
Adeniyi said that the company’s next 60 years would be built on its legacies of innovation, integrity and exceptional customer experience, leveraging technology and professionalism to produce quality products and services.
“Over the years, we have transcended beyond the sleep business to the living business, as we now manufacture semi rigid and rigid polyurethane foam products including furniture, bed and bedding, insulated panels, car oil filter, and molded products that make you experience total comfort.
“Our quality and innovative products support quality sleep to enable customers to achieve a great night’s rest, for a better world.
“A journey of 60 years is no easy feat and we appreciate everyone who has supported us at one time or the other in making Vitafoam a household name and a respected brand.
“We will be celebrating our 60th anniversary in grand style by rewarding our stakeholders and customers for being part of the success story of the brand.
“There will be donations to orphanage homes, exciting games, featuring celebrities and influencers, where participants gets to win exciting prizes,” he said.
Last year, Vitafoam rewarded its top flight distributors nationwide with many prizes, including cars and trucks.