Vitafoam Boss Explains Strong Performance | Independent Newspapers Limited
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Vitafoam Boss Explains Strong Performance

Posted: Jun 3, 2015 at 12:00 am   /   by   /   comments (0)

Foremost manufacturer of flexible, reconstituted and rigid foam products, Vitafoam Nigeria Plc has ascribed its impressive performance to six major factors, ranging from strong brand equity to leader and pacesetter advantage.

Besides, the company has also hinged its critical success factors to a mix of unique indices including development of strong human Capital and timely execution of strategic plan. Addressing the stockbrokers during the company’s presentation of facts behind the figures yesterday at the Nigerian Stock Exchange, the acting Group Managing Director, Mr. Taiwo Adeniyi explained that the company would continue to sustain its culture of ensuring shareholder value.

Adeniyi noted that Vitafoam Nigeria Plc has the largest foam manufacturing and distribution network which facilitates just in time delivery of finished products throughout West African Sub region.

He explained that despite the inclement operating environment, the company’s gross profit was up by 5.4 per cent to N5.4 billion while profit after tax rose by 11.8 per cent to N435 million. Meanwhile, the company has proposed a gross dividend of N246 million and a bonus share of one for every five shares held for approval by the shareholders at the Annual General Meeting scheduled for this month.

He attributed the strong performance to the following critical success factors: professional and dedicated staff, processes and procedures, internal efficiencies, operational innovation and creativity and timely execution of strategic plan.

Commenting on the company’s competitive advantage, Adeniyi identified what he described as tail winds thus: strong brand equity (Vitafoam and Vono), strong assets base, national spread of sales channels, best in class operational facilities, economies of scale, pioneer advantage including establishment of vitapur and other subsidiaries and pacesetter advantage.