June 5, 2023

IMG grows assets by 21% to N6.78bn, proposes 40k dividen

Millennials and the future of the Nigerian Stock Exchange

By Peter Egwuatu

A quoted company on the Nigerian Exchange, Limited, NGX, Industrial and Medical Gases (IMG) Nigeria Plc, has grown its total assets to N 6. 78 billion for the year ended December, 2022, an increase of 21 %, compared with N5.60 billion posted in 2021.

The Profit Before Tax, PBT of the frontline manufacturer of industrial and medical gases in Nigeria also grew by 27. 56 % to N704 Million in the review period,  as against N552 Million in the corresponding period in 2021 while its earnings per share stood at 90 kobo, compared to 89 kobo in the corresponding period.

Despite the inclement operating environment, characterized by high inflation and interest rates, forex scarcity and low purchasing power of consumers among others, IMG recorded a net profit of N448 Million, compared to N372 million in the preceding year, an increase of 20.52 %.

The company in a statement stated its determination to reward its shareholders as its Board of Directors has proposed a cash dividend of 40 kobo per ordinary as against a stock dividend of one for every five shares held in 2021 for approval of the shareholders at the Annual General Meeting (AGM), scheduled for July, this year.

The company’s Managing Director and Chief Executive Officer, Mr Ayodeji  Oseni explained that some of the key drivers of the impressive performance were implementation of strategic business and other initiatives.

“We place premium on strategic business development. We are customer-focused and we operate based on integrated marketing and selling solutions. We adopted a deliberate cost reduction policy. We operate process improvements and ensure plant capacity utilization. We value our staff and constantly empower them in addition to continuous improvement in our internal efficiency across the business,” said Oseni.

The company had in 2021, rebranded (from BOC Gases Nig. Plc) to her new name known as Industrial & Medical Gases Nigeria Plc and developed a blueprint to strengthen its global competitiveness on a sustainable basis, irrespective of the nature of the operating environment.