BusinessDay

Vitafoam unfolds new blueprint for growth path

Vitafoam Nigeria Plc has unveiled new strategic plan to sustain profitability and maintain its competitive edge as energy crisis, forex scarcity, inflation and low purchasing power of consumers among others continue to push manufacturing companies out of business in Nigeria.

At the core of the frontline manufacturer of rigid foams and other household material’s new plan is the deliberate policy to invest more in Research and Development (R&D), identifying the needs of its diverse customers ahead of introducing any product and deepening of technology deployment.

In a statement on the Company’s 60th anniversary of operation in Nigeria,
the Group Managing Director and Chief Executive Officer, Taiwo Adeniyi explained that Vitafoam had always weathered the storm in the past six decades by connecting with its customers and ensuring top quality products and services .

“The next 60 years will be built on our legacies of innovation, integrity and exceptional customer experience , leveraging technology and professionalism to produce quality products, as we are committed to producing ground-breaking products that will support Nigerians with great comfort and total wellbeing.

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We shall build on our legacies of innovation, integrity and exceptional service of customer experience, leveraging technology and professionalism to produce quality products and services,“ Taiwo Adeniyi

Adeniyi stated that Vitafoam shall continue to play pivotal role in the area of community social responsibility (CSR) including pioneering partnership with a Sleep Expert to educate Nigerians on Quality Sleep and Healthy Living.

“ 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 celebrate our 60th anniversary with donations to orphanages and array of competitions among different categories of our customers and celebrities,” Adeniyi added.

In pursuit of creating healthy competition among its distributors nationwide, the Company, last year rewarded the distillery ones with prizes including cars and trucks.

The company rewarded its shareholders with N1.9 billion dividend, following its improved performance for the 2021 financial year. The dividend, which translated into N1.50 per share, was approved by the shareholders at the company’s 60th yearly general meeting held in Lagos in March this year.

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