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Vitafoam Grows Profit by 110%

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  • Vitafoam Grows Profit by 110%

Vitafoam Nigeria Plc, manufacturer of foam and an array of home product, posted an after tax profit of N412. 39m in 2016 as against N196.64m in the preceding year, representing an increase of 110 per cent year-on-year.

The firm’s total asset also grew by eight percent from N12.09bn to N13.098bn in the period under review.

A statement by the company indicated that a sum of N125m would be proposed as dividend of 12kobo per share to the company’s shareholders at the Annual General Meeting scheduled for March this year. The statement attributed the performance to the company’s board and management as well as internal efficiency.

The statement added, “No doubt the last financial year was indeed very challenging for the Nigerian Economy. The significant improvement in operating profit was majorly due to cost control measures which were preemptively taken during the year.

“In spite of the tough operating environment the company achieved a 110 per cent increase in the PAT from N196.64m in 2015 to N412.39m in 2016. The company’s total assets grew by eight per cent from N 12.09bn in 2015 to N13.09bn last year. This was supported by growth in our long-term investment and total current asset.

“The board has proposed a dividend payment of N125m representing 12 kobo per ordinary share at the next AGM.”

The company’s Group Managing Director and Chief Executive Officer, Mr. Taiwo Adeniyi, had earlier this month explained that Vitafoam would continue to operate optimally despite the high production cost and low purchasing power of customers. According to him the management had learnt how to operate within the confines of economic recession.

He explained that corporate organisations ought to be able to make realistic plan by now as some variables of production are becoming predictable.

Speaking on the dividend policy of Vitafoam, Adeniyi explained that no matter the challenges in the economy the firm would continue to place premium on the shareholder value

“Our shareholders are our pride. We have an obligation to work very hard to ensure that they consistently paid dividend. We shall pay dividend for 2016 despite recession. We have always sustained our culture of shareholder value. We shall continue to appreciate our shares’ advice on how to move the company forward,” Adeniyi said.

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and Investing.com, with over a decade experience in the global financial markets.

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Nigeria Corporations Paid N238.1 Billion Income Tax Via E-channels in 2020

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Nigeria Corporations Paid N238.1 Billion Income Tax Via E-channels in 2020

Companies in Nigeria have started embracing electronic payment platforms established to ease the tax payment process and facilitate accountability.

According to the National Bureau of Statistics (NBS), businesses operating in Nigeria paid the highest amount of taxes through electronic channels in five years in 2020.

The statistics office puts the total amount paid in Company Income Tax (CIT) through the electronic channels at N238.1 billion in 2020.

The amount represents 16.9 percent of the total CIT paid in 2020 as more businesses adopt safer online payment methods.

NBS noted that payments were done through E-transact, E-tax pay and Remita.

However, a further breakdown of the report showed taxes fell by 13.5 percent from N1.63 trillion in 2019 to 1.41 trillion in 2020 due to the lockdown that crippled business activities in the first half of the year.

Taxes paid by Nigerian owned companies declined by 2.78 percent from N813.17 billion in 2019 to N790.58 billion in 2020. While taxes paid by international companies declined from N615.52 billion achieved in 2019 to N388.77 billion in 2020.

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Aliko Dangote Remains Africa’s Richest Man With $12.1 Billion Net Worth -Forbes

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Aliko Dangote Remains Africa’s Richest Man With $12.1 Billion Net Worth -Forbes

Nigerian industrialist, Aliko Dangote, is Africa’s richest person for the tenth year in a row.

In the Forbes Africa latest billionaires list, Dangote’s total net worth stood at $12.1 billion, a $2 billion increment when compared to last year. Thanks to the 30 percent increase in the price of Dangote Cement share.

Nassef Sawiris of Egypt followed Dangote with $8.5 billion net worth with the majority of his investments coming from construction and other investments.

In third place was Nicky Oppenheimer of South Africa with an $8 billion total net worth.

Mike Adenuga and Abdulsamad Rabio, the two Nigerians, came fifth and sixth with $6.3 billion and $5.5 billion net worth, respectively.Forbes Africa's billionaires list

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Portland Paints, Chemical and Allied Products Plc Agreed to Merge

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Portland Paints, Chemical and Allied Products Plc Agreed to Merge

Portland Paints and Products Nigeria Plc and Chemical and Allied Products Plc have agreed to merge, according to the latest statement from both companies.

In a statement released through the Nigerian Stock Exchange, the Board of Directors of CAP said we are “pleased to inform you that following discussions and negotiations, the Boards of CAP and Portland Paints have reached an agreement to undertake a merger between both entities (the “Merger” or the “Proposed Merger”).

Accordingly, we “hereby present to you the terms and benefits of the Proposed Merger for your consideration and seek your support and approval to effect the Proposed Merger.

“The Proposed Merger presents a compelling opportunity to create significant value for shareholders of CAP and achieve the company’s strategic growth objectives as a larger company with a broader product portfolio, more corporate owned brands and diversified revenues.

“The resultant entity is also expected to benefit from enhanced distribution capabilities in addition to economies of scale and operational efficiencies.”

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