Bamidele Makanjuola has retired as the Chairman, Vitafoam Nigeria Plc after meritorious service of ten years in line with the Company’s tenure policy.
Addressing the shareholders at the Company’s 61st Annual General Meeting in Lagos Thursday, Makanjuola, commended the Company’s Board, Management and shareholders for their support throughout his tenure. He also noted that with the company’s team of innovative management and staff, it shall continue to post strong earnings and generate shareholder value irrespective of vagaries in the operating environment.
“I would like to inform you that this is the last AGM at which I shall address you as Chairman of Vitafoam Nigeria Plc., having served out a full term in line with the company’s tenure policy for Non-Executive Directors. Together we have moved boundaries and broken glass ceilings. While some of our plans might not have turned out exactly as envisioned, we have persevered with your support to move the company to the next level in our collective quest for greatness.
“The fundamentals of our business remain strong . The growth in turnover in a volatile operating environment exemplified the unique strength and resilience of our brand. While turnover grew substantially, profitability was hobbled by raw materials price inflation at both local and international markets. In addition, we had to contend with a sharp decline in Naira exchange rate relative to other major currencies, the paucity of foreign exchange, high inflation, poor purchasing power, and low disposable income of consumers, among others. With renewed confidence , efforts will be intensified to grow our business lines by expanding Vitafoam’s product offerings”, says Makanjuola.
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Shareholders celebrated him with a family song and showered encomiums on him for his exemplary leadership, characterised by integrity and dedication. They noted that during his tenure, Vitafoam recorded exponential progression in virtually all performance indicators.
Mathew Akinlade, president, Noble Shareholders Solidarity Association (NSSA) explained that everything about Makanjuola and Vitafoam should be applauded.
“A peep at just the last 5-year performance alone is quite revealing that Vitafoam under Dr Makanjuola had grown tremendously. For instance, the revenue grew from N19. 5 billion in 2018 to N46. 3 billion in 2022, an increase of 137 percent . The Earnings Per Share moved from 57 kobo to 338 kobo, an increase of 493 percent. The man deserves to be celebrated”, said Akinlade.
As a commitment to positive rate of return, Vitafoam has rewarded its shareholders with a dividend payout of N1.9 billion, translating into N1.52 per ordinary share of 50 kobo each for the 2022 financial year.
The declaration of the dividend, an evidence of the Company’s stellar performance despite the tough operating climate, coincided with the announcement of the retirement of the Chairman, Bamidele Makanjuola after a 10-year distinguished tenure in that capacity.
Commenting on the Company’s ability to weather the storm, Taiwo Adeniyi, Group Managing Director, Vitafoam attributed this to to the innovation and corporate culture of quality products and services.
” You may see two products looking so much alike in the market but they do not cost the same price. Intrinsic values in our products stand us out. We have created a niche market for ourselves. We don’t play in every market. We don’t run at the same pace with others. We invest heavily in Research and Development and we customize our products to address the needs of our diverse customers, including consideration for age and gender. This is what is standing us out in the market place. We produce well and price well,” Adeniyi said.
