Shareholders of Vitafoam Nigeria Plc approved a final dividend of N3.00 per ordinary share of 50 kobo, subject to applicable withholding tax, at the company’s 64th Annual General Meeting held in Lagos.
At the meeting, a proposal to convert N125 million from the company’s retained earnings into new units for distribution to existing shareholders as bonus shares was also approved.
The bonus will be distributed as one new ordinary share for every five shares held by members whose names appeared in the company’s register as of the close of business on February 6, 2026.
Vitafoam noted that alongside the bonus issue, the N3.00 dividend payout, which amounts to about N3.75 billion in total, reflects its commitment to creating sustained value and rewarding shareholders for their continued support.
Vitafoam stated that at the meeting, shareholders approved an increase in the company’s issued share capital from N625.42 million to N750.1 million.
Shareholders also approved amendments to the company’s Memorandum and Articles of Association to reflect the updated capital structure.
Vitafoam’s move to add value to shareholders and increase the company’s share capital follows a strong 2025 performance on the Nigerian Exchange, where it returned 300% year-to-date to investors.
The surge was not only about price, as market volume spiked over 404 million shares, significantly higher than the 141 million shares traded in 2024, with the 300% return placing it 10th among the best-performing stocks in 2025.
Year-to-date in 2026, the momentum has continued, with shares up 49.09% as of premarket open on 6th March 2026, surpassing N100 in February and trading at N114.3 in March.
In its audited statements for the financial year ended 30th September 2025, revenue reached N111.3 billion, up from N82.6 billion, with sales of foam products accounting for 98.6% of the total, while furniture and other products made up the remainder.
Pretax profit stood at N21.4 billion, up from N1.14 billion in 2024, while retained earnings increased 83.81% to N25.8 billion.