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Economy

FY 2017: Vitafoam Nigeria Posts N128m Loss Despite 30% Rise in Revenue

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Vitafoam

By Modupe Gbadeyanka

Despite recording 30.4 percent increase in its revenue in the 2017 financial year, which ended on September 30, 2017, one of the leading foam makers in Nigeria, Vitafoam, posted a huge loss in the period under review.

In its audited financial results released to the Nigerian Stock Exchange (NSE) on Monday, January 08, 2018, the firm said its revenue grew from N13.57 billion in the 2016 financial year to N17.7 billion in 2017.

This was boosted by some strategic initiatives put in place by the management to enhance the company’s earnings.

However, the issue of foreign exchange (forex) in the operating environment in Nigeria affected its profit in the period under review.

According to the financial statements, the profit before tax of the firm fell to N18.1 million in 2017 from N61.2 million, while the company further recorded a loss of N127.7 million in the period under review in contrast to N32.03 million loss in 2016.

‍​This was as a result of the huge amount paid as tax in the period under review, N145.8 million.

In the financial statements, Vitafoam recorded an operating profit of 1.3 billion as at September 30, 2017 against 888 million a year ago.

Also, value of its total assets stood at N13.4 billion as at September 30, 2017 against N13.3 billion at September 30, 2016.

During the period under review, Vitafoam said dividends of N125.04 million (N0.12 per share) which relates to year ended September 30, 2016 (2015 N245.7 million (N0.25 per share)) was paid in arrears in the year 2017.

Also, Vitablom Nigeria Limited, its subsidiary, paid a dividend of N30 million (N0.15 per share) for the same period. A dividend in respect of the year ended September 30, 2017 of N0.15 per share, amounting to a total dividend of N156.36 million is to be proposed by Vitafoam Nigeria Plc at the annual general meeting on March 8, 2018 while a dividend of N0.16 amounting to N32 million is to be proposed by Vitablom Nigeria Limited. This financial statement does not reflect the dividend payable.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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Economy

SEC Postpones Q2 2026 Pre-registration Training, Examination for CMOs

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capital market operators

By Aduragbemi Omiyale

The pre-registration training and examination for capital market operators (CMOs) for the second quarter of 2026 has been postponed.

Business Post gathered that the new date for the exercise is now Monday, June 15, 2026.

This information was disclosed by the Securities and Exchange Commission (SEC) through a circular on Monday, June 8, 2026.

The Nigerian capital market regulator stated that this postponement has also resulted in the extension of the deadline for registration to Friday, June 12, 2026.

In the notice today, the SEC expressed its regret for the inconvenience this action may cause operators, who had prepared for the initial date of the training and examination.

“Further to the recent circular on Q2 2026 Pre-registration Training and Examination, the Securities and Exchange Commission (SEC) hereby informs all eligible applicants for the Q2 2026 Pre-registration Training and Examination that the commencement date has been postponed to Monday, June 15, 2026.

“Registration on the designated portal has also been extended to Friday, June 12, 2026. All other conditions contained in the circular remain unchanged.

“The commission regrets any inconvenience this postponement may cause and appreciates the understanding of all applicants,” the disclosure noted.

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Economy

Fidson Lists Additional 600 million Shares on Stock Exchange

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fidson

By Aduragbemi Omiyale

One of the leading healthcare firms in Nigeria, Fidson Healthcare Plc, has listed additional shares on the Nigerian Exchange (NGX) Limited.

The new stocks absorbed into the stock market were 600 million units, raising the total issued and fully paid-up shares of Fidson to 3,000,000,000 ordinary shares of 50 Kobo each from 2,400,000,000 ordinary shares of 50 Kobo each.

The fresh equities came from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share.

They were issued to existing investors on the basis of one new ordinary share for every existing four ordinary shares held as of the close of business on Wednesday, November 12, 2025.

Confirming the development, the regulator in a notice said, “Trading licence holders are hereby notified that an additional 600,000,000 ordinary shares of 50 Kobo each of Fidson Healthcare Plc were on Tuesday, June 2, 2026, listed on the daily official list of Nigerian Exchange Limited.

“The additional shares arose from the company’s rights issue of 600,000,000 ordinary shares of 50 Kobo each at N35.00 per share on the basis of one new ordinary share for every existing four ordinary shares held as at the close of business on Wednesday, November 12, 2025.

“With the listing of the additional 600,000,000 ordinary shares, the total issued and fully paid-up shares of Fidson Healthcare Plc have now increased from 2,400,000,000 to 3,000,000,000 ordinary shares of 50 Kobo each.”

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Economy

FG Approves Payments to 1,240 Contractors to Ease Liquidity Pressure

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FG contractors protest

By Modupe Gbadeyanka

This news will surely excite local contractors with verified claims of N100 million or less, as the federal government has approved their payments.

This approval for the disbursement was given by the Minister of Finance and Coordinating Minister of the Economy, Mr Taiwo Oyedele.

This followed a verification and reconciliation exercise designed to ensure only validated claims qualify for payment.

The beneficiaries cover contractors across multiple ministries, departments and agencies. The release of the funds is expected to enable contractors to return to project sites, pay workers, settle suppliers and meet outstanding financial commitments.

In an announcement on Monday, the Federal Ministry of Finance also said this latest batch of payments would ease liquidity pressure on small businesses and accelerate economic activity nationwide.

It was noted that the payments for verified claims of N100 million below were strategically done to spread economic impact broadly rather than concentrate disbursements among a handful of large firms.

The payments form part of a broader push to clear inherited contractor obligations, with over N700 billion verified in recent months.

“For many beneficiaries, the release of funds represents more than a financial transaction. It provides the certainty needed to sustain operations, preserve jobs, complete ongoing projects, and contribute to economic recovery and growth,” the ministry said in a statement.

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