Home » Nigerian industrialist Samuel Bolarinde gains $5.3 million as Vitafoam shares soar by 188 percent

Nigerian industrialist Samuel Bolarinde gains $5.3 million as Vitafoam shares soar by 188 percent

by Omokolade Ajayi

Nigerian industrialist Samuel Bolarinde, a former director of Vitafoam Nigeria Plc, has seen the market value of his stake in the leading foam product manufacturer increase by N2.21 billion ($5.38 million) since the start of 2021.

Vitafoam is Nigeria’s leading flexible and rigid polyurethane product manufacturer. Its primary market is Nigeria, with interests in Vitafoam Ghana and Vitafoam Sierra Leone.

Bolarinde controls a 12.03-percent stake in the Nigeria-based flexible and rigid polyurethane product manufacturer.

The recent surge in the value of his stake can be linked to the performance of the company’s shares on the Nigerian Stock Exchange in 2021, as value investors strategically acquired stakes in the company.

During the year, institutional investors strengthened their positions in the company from 36.93 to 39.87 percent, while foreign investors acquired a significant 1,233,792 ordinary shares, or a 0.1-percent stake, in the foam product manufacturer.

As a result of the buying activities, Vitafoam shares increased from N7.8 per share on Dec. 31, 2020 to N22.5 per share on Dec. 31, 2021. This price movement accrued total gains of 188.5 percent for shareholders since the year began.

Research conducted by Billionaires.Africa revealed that the market value of Bolarinde’s 12.03-percent stake has increased from N1.17 billion ($2.85 million) at the start of the year to N3.38 billion ($8.23 million) as of the time of the drafting of this report.

This translates to a N2.21-billion ($5.38 million) gain for the multimillionaire industrialist this year.

Sustained investor buying interest on the Nigerian Exchange, which led to a 188-percent surge in the company’s shares and a N2.21-billion ($5.38 million) gain in the value of Bolarinde’s stake, was spurred by the company’s impressive financial performance during its 2021 financial period.

Figures contained in its recently published audited statement revealed that its revenue for the year rose by 51 percent from N23.44 billion ($1.47 billion) in 2020 to N35.4 billion ($2.2 billion) in 2021, while its profit increased by 12 percent from N4.1 billion ($257.8 million) to N4.6 billion ($289.2 million).

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