Vono Products plc has embarked on a number of initiatives to reposition it as a leading brand in the Nigeria’s manufacturing sector. Besides, the company is in the process of integrating with Vitafoam Nigeria plc for enhanced shareholder value.
Speaking with the journalists after the company’s Annual General Meeting, Olatunji Anjorin, acting Managing Director, Vono Products Plc explained that the company was not just a manufacturer of foams as it has series of other products in its portfolio. According to him, the company would roll out many innovative products that appeal to different segment of the society including children and youth.
Anjorin, noted that as a major brand, Vono Products would continue to live up to expectation of its diverse stakeholders. “We are sensitive and innovation. We are taking advantage of social media space to ensure full inclusion of the young ones in our new approach to product development “We are looking at our payment system aesthetically to make our products affordable by different segment of the society.”
Addressing the company’s shareholders, Mohammed Yinusa, chairman Vono Products plc expressed joy that despite the inclement operating environment, the company achieved operating revenue of N889.7million, a modest growth of more than 5 percent over the previous year. “Operating profit improved significantly by 5 percent (N26.4 million in 2014, against N17.4million; 2013).
The growth in turnover particularly reflected the marketing efforts of the growing customers’ satisfaction with our products. The business continues to gain momentum, recording another modest improvement on out profit before tax,” he said.
On the proposed integration of Vono Products with Vitafoam Nigeria Plc, Anjorin explained that professionals had commenced work and the outcome would be made public later.
Commenting on the tough operating environment, Anjorin lamented the high cost of infrastructure in Nigeria. He appealed to the federal government to create an enabling environment were manufacturers could operate at optimal level.
He also emphasized the need for quality products saying that government policy should discourage high influx of inferior products in the real sector. He thanked the shareholders for their unalloyed support for the company and assured them of great prospects ahead.
IHEANYI NWACHUKWU
