Vitafoam pays 12kobo dividend ….Lowers 2016 FY losses by 55.5% …Recommends 12 kobo dividend

Vitafoam Nigeria Plc has released its 2016 financial results, announcing a loss after tax of N32 million for its financial year ended 30th September, 2016.
The loss represents a 55.5 percent reduction from N72 million recorded as loss after tax for the same period of 2015.
The company’s results released by the Nigerian Stock Exchange (NSE) on Tuesday showed that profit before tax dropped 71.3 percent to N61.2 million from N213.1 million recorded for 2015 financial year, while a revenue of N13.6 billion was posted for the 2016 year, representing a decrease of 19.5 percent from N16.9 billion recorded in the previous year.
Vitafoam Net assets however dropped by 5.9 percent to N3.26 billion from N3.46 billion recorded in 2015.
A separate notice also released through the NSE and signed by the company’s Secretary/Legal Adviser, Lekan Sanni stated that the Board has also announced a recommended dividend of N125 million representing 12 kobo per share for the financial year ended 30th September 2016.
The notice said the decision which was taken at the company’s board meeting on December 15, 2016, is subject to Shareholders approval and withholding tax. If approved at the Annual General Meeting, scheduled to hold in Lagos, March 2nd, 2017.
The statement said the dividend will be paid on 9th March, 2017 to members whose names appear in the register of members at the close of business on Friday 10th February, 2017, adding that the register of Members and transfer books of the company will be closed from Monday 13th to Friday 17th February 2017.
Meanwhile the released results showed there was little improvement from the company’s nine month financial statements for the period ended 30th June 2016.
The results showcased a revenue of N10.991 billion, 20.6 percent down from N13.842 billion recorded in the corresponding period of the prior year.
Furthermore, the company posted a loss before tax of N49 million from a profit before tax of N521.9 million, while after tax profit of N335.3 billion recorded in the reviewed period of 2015 plunged 147.4 percent to a loss after tax of N159 million.
Consequently, the group’s erased shareholder earnings per share during the period as it fell by 139.5 percent from 40.94 kobo to a loss of 16.18 kobo in June 2016.
The company’s financial statements had noted that its primary geographical segment is Nigeria, with over 99.9 percent of its sales in Nigeria.