The Nation Newspaper

Tag: Vitafoam

  • Vitafoam Nigeria: Still tough

    Vitafoam Nigeria: Still tough

    Vitafoam Nigeria Plc remains under cost pressures on many fronts as the foam-manufacturing company struggles with high financial leverage and tight top-line. While the turnover witnessed modest growth and the company held tightly to operating expenses, finance expenses continued to undermine the bottom-line, depressing the bottom-line to another low. For the fourth consecutive period, the company held on to its dividend payout rate of 30 kobo and it still has substantial headroom to pay as much in the years ahead, but the future probability of similar dividend is on the decline.

    Audited report and accounts of Vitafoam Nigeria for the year ended September 30, 2013 indicated that sales rose by 12.8 per cent but pre and post tax profits dropped by 22.5 per cent and 18.2 per cent respectively. The largest growth on the profit and loss accounts remains finance expenses, which rose by about 40 per cent. With basic earnings per share dropping from 61 kobo to 50 kobo, the retention of the 30 kobo dividend payout cut dividend cover from 2.03 times to 1.67 times. This downtrend is also evident in the underlying returns and profitability of the company.

    Meanwhile, the company’s balance sheet improved slightly, although the gearing ratio remained high. Marginal increase in equity funding in relation to total assets, similar decline in debt-to-equity ratio and improved liquidity showed modest improvement in balance sheet.

     

    Financing structure

    Vitafoam’s total assets declined marginally by 2.9 per cent from N10.26 billion in 2012 to N9.96 billion in 2013. Current assets had dropped by 10 per cent from N6.94 billion to N6.22 billion as against 13 per cent increase in long-term assets from 3.32 billion to N3.74 billion. However, total liabilities also declined by 6.8 per cent from N7.35 billion to N6.85 billion. This was driven largely by decline in current liabilities from N6.54 billion to N5.75 billion. While the paid up share capital remained unchanged at N410 million, shareholders’ funds inched up by 6.8 per cent from N2.91 billion to N3.11 billion.

    The financing structure improved slightly in 2013, although it remained precarious and unhelpful. The proportion of debt to equity stood at 97.1 per cent in 2013 as against 111.4 per cent in 2012. Equity funds/total assets ratio improved from 28.4 per cent to 31.2 per cent. Current liabilities/total assets ratio also improved from 64 per cent to 58 per cent while long-term liabilities/total assets ratio firmed up to 11 per cent in 2013 as against 7.8 per cent.

     

    Efficiency

    Available extracts showed decline in cost efficiency and productivity, although there were not enough details to determine productivity and average employee performance. With16.4 per cent increase in cost of sales and almost 10 per cent rise in operating expenses, the proportion of non-interest expenses to sales increased during the period, underlining the decline in profit margins and returns during the period. Total cost of business, excluding finance charges, rose to 93.1 per cent in 2013 as against 91.8 per cent in 2012.

     

    Profitability

    The midline remained the Achilles’ heel of Vitafoam’s profit and loss accounts. While top-line sustained modest growth and the company struggled to curtail non-interest costs, interest expenses stifled overall performance and turned the bottom-line into negative. Both actual and underlying profit and loss items showed indicated decline, although the net bottom-line remained positive.

    Group’s total sales closed 2013 at N16.34 billion compared with N14.48 billion recorded in 2012. Cost of sales however rose by 16.4 per cent from N9.34 billion to N10.87 billion. Gross profit thus inched up by 6.3 per cent from N5.14 billion to N5.47 billion. Total operating expenses rose by 9.8 per cent to N4.34 billion as against N3.95 billion in previous year. Distribution cost had increased from N945.19 million in 2012 to N955.83 million in 2013 while administrative expenses rose from N3.0 billion to N3.38 billion. Non-core business income increased by 13 per cent from N146 million to N165 million. However, finance expenses jumped by 39.7 per cent to N661 million as against N473 million in previous year. With these, profit before tax dropped by 22.5 per cent from N813 million to N630 million. After taxes, net profit dropped by 18.2 per cent to N410 million in 2013 compared with N502 million in 2012.

    Notwithstanding the decline in net profit, the board of the company has recommended distribution of N246 million as cash dividends for 2013, the same amount distributed annually over the past three years. This implied a dividend per share of 30 kobo. Earnings per share had dropped from 61 kobo in 2012 to 50 kobo in 2013. Meanwhile, net assets per share improved slightly from N3.56 to N3.80.

    Underlying ratios showed similar outlook. Gross profit margin dropped to 33.5 per cent as against 35.5 per cent in 2012. Profit before tax margin also dipped to 3.9 per cent compared with 5.6 per cent in previous year. Average return on total assets declined from 7.9 per cent to 6.3 per cent while average return on equity dropped from 17.2 per cent to 13.2 per cent.

     

    Liquidity

    The liquidity position of the company improved marginally during the period with better financial coverage and working capital. Current ratio, which relates easily available finances to similar liabilities, inched up to 1.08 times in 2013 as against 1.06 times in 2012. The proportion of working capital to total sales notched 2.9 per cent as against 2.8 per cent. Debtors/creditors ratio stood at 74.6 per cent in 2013 compared with 54.4 per cent in 2012.

     

    Governance and structures

    Incorporated on August 4, 1962 and listed on the Nigerian Stock Exchange (NSE) in November 1978, Vitafoam Nigeria is Nigeria’s leading foam-manufacturing group. Now a wholly Nigerian-owned company with a highly diversified shareholding structure, Vitafoam engages in manufacturing and distribution of flexible, reconstituted and rigid foams, all in various forms and designs that make the group a one-stop cushion supermarket. With subsidiaries in Ghana and Sierra Leone, Vitafoam Group includes four other subsidiaries in Nigeria including Vita Blom, Vita Visco, Vitapur and Vono Products Plc. Like Vitafoam, Vono is also quoted on the NSE and was Vitafoam’s long-standing competitor until Vitafoam bought the controlling equity stake.

    There were no changes in the board and management of the company. Mr. Bamidele Makanjuola remains the chairman while Mr Joel Ajiga still leads the executive management as managing director. The company broadly complies with the code of corporate governance for public companies.

     

    Analyst’s opinion

    The latest audited report further underlined the need for Vitafoam to restructure its balance sheet in order to ensure that the gains of its commendable focus on growth and expansion in recent years trickle down to the shareholders. The apparent financial mismatch, orchestrated by the banking crisis and the capital market meltdown, is evidently a limiting factor in the overall performance of the group. While its modest sales growth is commendable, the interest-dominated midline remained a major hurdle.

    Directors and other major shareholders in Vitafoam need to summon the courage to conclude the N4 billion new capital issue, which the shareholders of the company approved in the third quarter of last year. No doubt, recent capital investments and expansionary drives have created huge growth potential, which could further insulate the company from extreme shock from a market segment, but the gains of such investments are being stifled by the high financial leverage and resultant interest expense. Given its historic performance and steady fundamentals, Vitafoam stands a good chance of raising additional equity funds either from existing shareholders or other new investors. And an equity issue to shareholders, even at huge discount, will still be better than the continuing suffocation from financing charges. It’s time Vitafoam addresses the midline discomfort.

  • Vitafoam Nigeria: Still tough

    Vitafoam Nigeria: Still tough

    Vitafoam Nigeria Plc remains under cost pressures on many fronts as the foam-manufacturing company struggles with high financial leverage and tight top-line. While the turnover witnessed modest growth and the company held tightly to operating expenses, finance expenses continued to undermine the bottom-line, depressing the bottom-line to another low. For the fourth consecutive period, the company held on to its dividend payout rate of 30 kobo and it still has substantial headroom to pay as much in the years ahead, but the future probability of similar dividend is on the decline.

    Audited report and accounts of Vitafoam Nigeria for the year ended September 30, 2013 indicated that sales rose by 12.8 per cent but pre and post tax profits dropped by 22.5 per cent and 18.2 per cent respectively. The largest growth on the profit and loss accounts remains finance expenses, which rose by about 40 per cent. With basic earnings per share dropping from 61 kobo to 50 kobo, the retention of the 30 kobo dividend payout cut dividend cover from 2.03 times to 1.67 times. This downtrend is also evident in the underlying returns and profitability of the company.

    Meanwhile, the company’s balance sheet improved slightly, although the gearing ratio remained high. Marginal increase in equity funding in relation to total assets, similar decline in debt-to-equity ratio and improved liquidity showed modest improvement in balance sheet.

     

    Financing structure

    Vitafoam’s total assets declined marginally by 2.9 per cent from N10.26 billion in 2012 to N9.96 billion in 2013. Current assets had dropped by 10 per cent from N6.94 billion to N6.22 billion as against 13 per cent increase in long-term assets from 3.32 billion to N3.74 billion. However, total liabilities also declined by 6.8 per cent from N7.35 billion to N6.85 billion. This was driven largely by decline in current liabilities from N6.54 billion to N5.75 billion. While the paid up share capital remained unchanged at N410 million, shareholders’ funds inched up by 6.8 per cent from N2.91 billion to N3.11 billion.

    The financing structure improved slightly in 2013, although it remained precarious and unhelpful. The proportion of debt to equity stood at 97.1 per cent in 2013 as against 111.4 per cent in 2012. Equity funds/total assets ratio improved from 28.4 per cent to 31.2 per cent. Current liabilities/total assets ratio also improved from 64 per cent to 58 per cent while long-term liabilities/total assets ratio firmed up to 11 per cent in 2013 as against 7.8 per cent.

     

    Efficiency

    Available extracts showed decline in cost efficiency and productivity, although there were not enough details to determine productivity and average employee performance. With16.4 per cent increase in cost of sales and almost 10 per cent rise in operating expenses, the proportion of non-interest expenses to sales increased during the period, underlining the decline in profit margins and returns during the period. Total cost of business, excluding finance charges, rose to 93.1 per cent in 2013 as against 91.8 per cent in 2012.

     

    Profitability

    The midline remained the Achilles’ heel of Vitafoam’s profit and loss accounts. While top-line sustained modest growth and the company struggled to curtail non-interest costs, interest expenses stifled overall performance and turned the bottom-line into negative. Both actual and underlying profit and loss items showed indicated decline, although the net bottom-line remained positive.

    Group’s total sales closed 2013 at N16.34 billion compared with N14.48 billion recorded in 2012. Cost of sales however rose by 16.4 per cent from N9.34 billion to N10.87 billion. Gross profit thus inched up by 6.3 per cent from N5.14 billion to N5.47 billion. Total operating expenses rose by 9.8 per cent to N4.34 billion as against N3.95 billion in previous year. Distribution cost had increased from N945.19 million in 2012 to N955.83 million in 2013 while administrative expenses rose from N3.0 billion to N3.38 billion. Non-core business income increased by 13 per cent from N146 million to N165 million. However, finance expenses jumped by 39.7 per cent to N661 million as against N473 million in previous year. With these, profit before tax dropped by 22.5 per cent from N813 million to N630 million. After taxes, net profit dropped by 18.2 per cent to N410 million in 2013 compared with N502 million in 2012.

    Notwithstanding the decline in net profit, the board of the company has recommended distribution of N246 million as cash dividends for 2013, the same amount distributed annually over the past three years. This implied a dividend per share of 30 kobo. Earnings per share had dropped from 61 kobo in 2012 to 50 kobo in 2013. Meanwhile, net assets per share improved slightly from N3.56 to N3.80.

    Underlying ratios showed similar outlook. Gross profit margin dropped to 33.5 per cent as against 35.5 per cent in 2012. Profit before tax margin also dipped to 3.9 per cent compared with 5.6 per cent in previous year. Average return on total assets declined from 7.9 per cent to 6.3 per cent while average return on equity dropped from 17.2 per cent to 13.2 per cent.

     

    Liquidity

    The liquidity position of the company improved marginally during the period with better financial coverage and working capital. Current ratio, which relates easily available finances to similar liabilities, inched up to 1.08 times in 2013 as against 1.06 times in 2012. The proportion of working capital to total sales notched 2.9 per cent as against 2.8 per cent. Debtors/creditors ratio stood at 74.6 per cent in 2013 compared with 54.4 per cent in 2012.

     

    Governance and structures

    Incorporated on August 4, 1962 and listed on the Nigerian Stock Exchange (NSE) in November 1978, Vitafoam Nigeria is Nigeria’s leading foam-manufacturing group. Now a wholly Nigerian-owned company with a highly diversified shareholding structure, Vitafoam engages in manufacturing and distribution of flexible, reconstituted and rigid foams, all in various forms and designs that make the group a one-stop cushion supermarket. With subsidiaries in Ghana and Sierra Leone, Vitafoam Group includes four other subsidiaries in Nigeria including Vita Blom, Vita Visco, Vitapur and Vono Products Plc. Like Vitafoam, Vono is also quoted on the NSE and was Vitafoam’s long-standing competitor until Vitafoam bought the controlling equity stake.

    There were no changes in the board and management of the company. Mr. Bamidele Makanjuola remains the chairman while Mr Joel Ajiga still leads the executive management as managing director. The company broadly complies with the code of corporate governance for public companies.

     

    Analyst’s opinion

    The latest audited report further underlined the need for Vitafoam to restructure its balance sheet in order to ensure that the gains of its commendable focus on growth and expansion in recent years trickle down to the shareholders. The apparent financial mismatch, orchestrated by the banking crisis and the capital market meltdown, is evidently a limiting factor in the overall performance of the group. While its modest sales growth is commendable, the interest-dominated midline remained a major hurdle.

    Directors and other major shareholders in Vitafoam need to summon the courage to conclude the N4 billion new capital issue, which the shareholders of the company approved in the third quarter of last year. No doubt, recent capital investments and expansionary drives have created huge growth potential, which could further insulate the company from extreme shock from a market segment, but the gains of such investments are being stifled by the high financial leverage and resultant interest expense. Given its historic performance and steady fundamentals, Vitafoam stands a good chance of raising additional equity funds either from existing shareholders or other new investors. And an equity issue to shareholders, even at huge discount, will still be better than the continuing suffocation from financing charges. It’s time Vitafoam addresses the midline discomfort.

     

  • Vitafoam to promote safety

    Vitafoam to promote safety

    Vitafoam Nigeria Plc has promised to focus on and promote occupational health and safety among its workers nationwide.

    The Group Managing Director, Vitafoam, Mr. Jolel Ajiga, said this in Lagos during the company’s Safety, Health and Environment (SHE) week, which is aimed at promoting occupational health and safety, among other goals.

    Ajiga said the operating environment had posed challenges to manufacturing firms.

    He said, for instance, the company had been forced by the situation to run on generator for more than 80 per cent of the day, with the effect on cost of production.

    Ajiga said: “Manufacturing has been challenging. You are conversant with the situation of our power, road and utilities generally. We have had to provide most of these things for ourselves at exorbitant prices and this affects the bottom line of almost every company in the manufacturing sector.”

    The Vitafoam boss, however, said the company had overcome the challenges and record growth year-on-year due to “a vibrant board with strong management and commitment of the entire workforce.

    Ajiga, who stressed that value-contributing employees are the most valuable assets of any organisation, said the Vitafoam SHE week, which started on Monday, was organised partly as a result of the company’s commitment to a proactive approach to health and safety at work.

    to maintain healthier employees, low absenteeism, fewer injuries, lower long-term risk and lower payouts for disability and health care costs.

    According to him, once this goal is achieved, the company will be in a better position to boost its productivity and achieve its fundamental objectives.

    The Vitafoam boss explained that the decision to choose ‘Prevention of occupational diseases’ as the theme for this year’s edition of the SHE week was because of the recent statistics by the International Labour Organisation, which showed that an estimated 2.34 million people die each year from work-related accidents and diseases.

    Ajiga assured shareholders that there would be strong returns and growth in the new financial year and beyond.

    He said: “The message we have for shareholders is that the company is waxing stronger and stronger and the management and the board are putting in place strategies, structures and processes that will ensure that the company maintains its leading position in the industry and contributes to the growth of the economy.”

  • Vitafoam unveils products

    FOAMS giant Vitafoam has unveiled music pillows, latex pillows, spring mattress and memory/visco elastic foam that regulates blood circulation.

    Speaking at the launch of the products with reporters in Lagos, the Managing Director, Vitafoam Nigeria Plc, Mr Joel Ajiga, said the music pillow was made from high quality user friendly fibre and could be connected to phones, iPods and other musical gadgets.

    He said: “It lures you into sleep in a short time with high resolution music gadget and the memory/visco elastic foam regulates blood circulation.

    “The good thing about the music pillow is that it gives you room to listen to your choice of music without disturbing anybody else and it is also health friendly because the phone or Ipad is not directly on your head or ear.”

    Also, he said the latex pillow provides soft feel comfort and air flow through the air vents provides additional ventilation, which is therapeutic to sleeping disorders and also highly durable.

    He said the memory/visco elastic foam are good, provides adequate support to all parts of the body, reduces the pressure points of the body thereby relieving joint pains, usually high weight and density benefits, regulates blood circulation, superior thermal comfort, open all releases body heat and temperature and also reduce motion transfer between two people.

    He added: “In response to global emphasis on the need to conform to the requirements and protocols for environmental protection, Vitafoam has decided to embrace the project of spring mattress as the product that represents the change to environmentally friendly products ensuring sleeping comfort.”

  • Is it time to move to Vitafoam?

    With historic prices setting up several stocks for price correction and thinning out underlying returns, the search for high yield may be to switch to relatively low-priced stocks. Taofik Salako highlights the variables that may put Vitafoam Nigeria into consideration in portfolio rebalancing

     

    Amid the excitement in the stock market, Vitafoam Nigeria has been a less enthusiastic stock. While the stock market recorded average full-year return of 35.4 per cent in 2012, Vitafoam Nigeria posted impressive return of -27.67 per cent. Even with the recent bearishness at the market, average year-to-date return for the market opens today at 29.86 per cent while Vitafoam opens with a below-average return of 18.85 per cent. The pricing trend has even been exciting this year. Vitafoam’s share price has seen continuous depreciation in recent years, in spite of somewhat impressive unbroken dividend yields. The company’s price ceiling caved in from a high of N7.50 in 2010 to N6.75 in 2011. Its highest price in the past two years has been N5.54. In key value measure, Vitafoam has been underperforming the entire stock market.

     

    Aligning the fundamentals

     

    Vitafoam has struggled with sluggish sales and high interest expense in recent years. Audited report and accounts of the leading foam manufacturing company for the year ended September 30, 2012 had shown that it remained under extreme pressures from its lopsided loan-dominated finance structure. With 52 per cent increase in interest expense to N542 million in 2012, net earnings distributable to shareholders slipped to N557 million, forcing the company to retain its cash payout of 30 kobo per share for the third consecutive year. However, probable future dividend outlook trailed the marginal decline in earnings per share. While the company bridged marginal decline in sales with relatively substantial reduction in cost of sales to boost gross profit by 18 per cent, finance charges muffled the gain and threw pre and post-tax profits into the negative. Debt-to-equity ratio remained above 100 per cent. The balance sheet structure partly reflected in the declines in profit margin and returns, although these remained marginal.

    Vitafoam’s profit and loss items tended largely towards the negative in 2012 as the company struggled with sluggish sales and fast-paced finance costs. While it mitigated weak sales by reducing related costs of sales, margins and returns were depressed by the stifling midline, directly related to huge increase in finance costs. Gross profit margin improved from 30 per cent to 35.5 per cent. However, pre-tax profit margin slipped from 5.7 per cent to 5.6 per cent. Return on total assets declined from N8.9 per cent to 7.8 per cent while return on equity dropped from 20.2 per cent to 18.1 per cent.

    Total sales stood at N14.48 billion in 2012, a slight decrease from N14.52 billion recorded in 2011. Cost of sales meanwhile, dropped by 8.2 per cent from N10.17 billion to N9.34 billion, lifting up gross profit by 18 per cent from N4.35 billion to N5.14 billion. Total operating expenses increased by 16 per cent from N3.35 billion to N3.91 billion. Administrative expenses rose from N2.51 billion to N2.96 billion while distributive costs increased from N840.1 million to N945.2 million.

    With 51.7 per cent in interest expenses from N357 million in 2011 to N542 million in 2012 and substantial decline in non-core business incomes, profit before tax dipped slightly by 1.2 per cent from N824 million to N813 million. After taxes, profit distributable to shareholders also slipped by 1.8 per cent from N567 million to N557 million. Earnings per share took cue from net profit after tax at 67.9 kobo in 2012 as against 69.1 kobo in 2011. Net assets per share improved from N3.42 to N3.76, an increase of about 10 per cent.

    The company retained its cash dividend per share of 30 kobo for the third consecutive year, earmarking N246 million for distribution to shareholders. Dividend cover however, weakened slightly to 2.27 times as against 2.3 times in previous year. With dividend yield of around eight per cent, the cash payout represented substantial returns for discerning investors, who had taken positions ahead of the earnings release.

     

    Emerging outlook

     

    But emerging operational performance in the current business year indicates considerable improvements in the earnings outlook. Interim report for the second quarter ended March 31, 2013 showed that turnover rose by 15.3 per cent while pre and post-tax profits grew by 21 per cent and 17 per cent. Six-month sales stood at N8.79 billion in 2013 as against N7.62 billion in corresponding period of 2012. Gross profit rose by 15.6 per cent from N2.28 billion to N2.63 billion. Operating profit stood at N834.8 million in 2013 compared with N674.4 million in 2012, representing an increase of 24 per cent. Profit before tax increased from N484.1 million to N585.3 million. After taxes, net profit improved from N348.7 million in second quarter of previous year to N407.9 million in the comparable period of the ongoing year.

    The underlying fundamentals indicated stronger outlook for the company, which rubbed off positively on the prospective yield of the company. While gross profit margin was steady at 29.92 per cent, operating profit margin improved from 8.8 per cent in 2012 to 9.5 per cent in 2013. Profit before tax margin also firmed up to 6.66 per cent in 2013 compared with 6.35 per cent in 2012.

    Earnings per share closed the first six months of the ongoing year at 50 kobo in contrast with 43 kobo recorded in comparable period o 2012. The basic earnings outlook underlines above-average return for the company. With the opening price of N4.35 today, earnings yield stands at 11.49 per cent now compared with 9.89 per cent relative to the previous year’s figure. Besides, the last dividend payout of 30 kobo implies a dividend yield of 6.9 per cent against the current price. Net assets per share stands at N3.98, showing slim gap between the six-month net assets and the current market price.

    With average dividend yields for several stocks below five per cent and earnings substantially diluted by high share prices, Vitafoam appears to present good opportunity to lock in values against the overall market downtrend.

     

  • Vitafoam: Need to sustain growth earnings in 2013

    Vitafoam: Need to sustain growth earnings in 2013

    Vitafoam is one of the companies to watch for strong growth in earnings in 2013. The foam makers seem to have been sleeping since 2009 when its profits began a downward creep. Fiscal 2013 seems to be a year of waking up and stretching out for the company.

    The company’s first quarter operations ended well with sales revenue at N4.05 billion and net profit of N174 million. That yielded a net profit margin of 4.3%, which was much better than the net profit margin of 3.5% recorded at the end of its 2012 operations in September.

    Vitafoam’s second quarter operations for the period ended March 2013 shows an all-round improvement in key earnings indicators. Both revenue and profit growth accelerated during the period. Sales revenue came to N8.79 billion at the end of the second quarter, up by 15.4% from the corresponding quarter in 2012. Based on the second quarter growth rate, sales revenue is projected to stand at N18.3 billion for Vitafoam in 2013.

    The projected revenue will be an increase of 26.4% over the full year revenue figure in 2012. This will be a major growth in sales revenue compared to a marginal decline of 0.3% in 2013. Except in 2011 when turnover grew by 36.7%, sales revenue growth has been generally slow for the company in recent years. On the average, however, the company has maintained a good level of stability in earnings performance. In the past five years, it grew sales revenue by an average of 16.2%.

    A new strength in profit performance has accompanied the company’s improved sales revenue outlook for 2013. At the end of the second quarter, the company posted a net profit of N408 million, a rise of 16.9% over the figure in the corresponding period last year.

    If the current growth rate is maintained to a full year, the company is expected to post a net profit of N861 million. This will be a new peak in the company’s profit records and a big leap of 72.2% over the full-year profit figure in 2012.

  • Vitafoam celebrates golden anniversary

    Vitafoam celebrates golden anniversary

    The Shell Hall of the MUSON Centre, Onikan, Lagos hosted directors, members of the staff and customers of Vitafoam Nigeria Plc to a musical concert to mark its 50th anniversary.

     

    Last Friday, directors, members of the staff and friends of Vitafoam gathered at the MUSON Centre, Onikan, Lagos, for a musical concert to celebrate its 50 years of hardwork.

    They had every reason to rejoice given the hurdles the company has scaled since inception.

    The members of staff shone in orange colour attires with Vitafoam at 50 inscription. The expansive hall decorated in orange with sparkling multi-colour lights was filled to capacity. The various colours added glamour to the occasion.

    Once the guests were seated, the event, which was anchored by Mr Sina Ojemuyiwa, started with the rendition of the National Anthem.

    Shortly after, the Vitafoam Anthem was recited.

    These were carried out by the Greenland Chorale Inc. and led by the Chairman, Concert Committee, Mr Segun Sofowote. The choral ladies were beautifully dressed in flowing orange gowns.

    It was fun all day; the Piano Recital by Tunde Sosan thrilled everyone. They applauded his performance. The Soprano solo by Deborah Awunor followed. She sang beautifully.

    The Golden Duo’s ‘Don’t cry for me’ further thrilled guests who gave them standing ovations.

    The excitement of the guests heightened when the Lagos State Chapter of the Guild of Nigerian Dancers (GOND) came on stage to perform traditional dances. They did Bata, Atilogu and other local steps.

    The SS Spectrum lead by Sofowote made the day of guests. He was joined by some on the stage who danced to his music as he sang to the admiration of all.

    Prof Olumide Olusanya staged his song entitled: Sing to the Lord a New song, he thrilled guests, too.

    It was music all day.

    The Greenland Chorale took the stage again to feed the guests with another round of melodious songs. Their performance sent many to the dance floor.

    Sofowote performed the last song for the concert. He urged the guests to take home lessons they have learnt from the concert. We shall overcome was the last song, all groups including the GOND returned to the stage to sing the song. They hugged themselves and shook hands with one another – a message of unity to the guests.

    All the directors were acknowledged for driving the company to its present height. They were called out to take a bow before the guests; they did amid rousing ovation.

    The company’s Chairman, Chief Samuel Olaniyi Bolarinde, said the reason for the concert was to thank God.

    Bolarinde hailed the staff and customers for their efforts at making the company grow in the faces of challenges.

    “We are thanking God, our workers and customers; and we are showcasing ourselves that we are here to stay forever. To survive 50 years in Nigeria is a big deal because there are so many things that can kill you. For us to have survived this far, we need to celebrate it,” he said.

    “Fifty years in this society is a serious affair. If you survive all the challenges and make it, you have a cause to celebrate and thank God. So, we are thanking God and to showcase that we are here to stay,” he added.

    He said the company survived all the hurdles because of the leadership skills and strong will of directors. He assured customers that Vitafoam would give them more values.

    The concert came to end with the recitation of the Vitafoam anthem.