Lagos, Nigeria – Shareholders of Vitafoam Nigeria Plc have approved a final dividend of N3.00 per ordinary share, amounting to approximately N3.75 billion (about $2.4 million), at the company’s 64th Annual General Meeting held in Lagos. The dividend is subject to applicable withholding tax and reflects the company’s commitment to creating sustained value for shareholders.
Okay News reports that shareholders also approved a proposal to convert N125 million from retained earnings into bonus shares, distributed as one new ordinary share for every five shares held by members whose names appeared in the register as of February 6, 2026. Additionally, the company’s issued share capital was increased from N625.42 million to N750.1 million through the creation of 250 million additional ordinary shares.
Before the approval, Vitafoam had 1.25 billion ordinary shares, giving it a market capitalization of N142.9 billion based on the market price of N114.3 per share. Following the capital increase, the company’s market value has risen to N171.5 billion. Shareholders also approved amendments to the Memorandum and Articles of Association to reflect the updated capital structure.
The dividend approval follows a strong 2025 performance, with the stock returning 300 percent year-to-date to investors and market volume spiking to over 404 million shares. In its audited statements for the financial year ended September 2025, revenue reached N111.3 billion, up from N82.6 billion, while pretax profit stood at N21.4 billion, a significant increase from N1.14 billion in 2024. This shareholder dividend payout reflects the company’s robust financial performance and commitment to rewarding investors.
, at the company's 64th Annual General Meeting held in Lagos. The dividend is subject to applicable withholding tax and reflects the company's commitment to creating sustained value for shareholders.){kind=link}