Shareholders of Industrial & Medical Gases (IMG) Nigeria Plc have approved the distribution of N365.5 million as cash dividends for the 2025 full-year business.
Shareholders received a dividend per share of 50 kobo with a promise by the board to sustain growth and deliver better returns to investors.
Speaking at the annual general meeting in Lagos, Aminu Ado, chairman, Industrial & Medical Gases (IMG) Nigeria Plc, described the 2025 financial year as a testament to the company’s resilience, adaptability and strong stakeholder alignment.
According to him, despite the challenging operating environment experienced during the year, the company delivered a resilient and commendable performance in 2025.
He said: “The year demonstrated our ability to sustain business growth amid economic headwinds and industry pressures”.
Abayomi Oke, acting managing director, Industrial & Medical Gases (IMG) Nigeria Plc, said the company would remain focused on operational efficiency, customer retention, cost optimisation and strategic business development initiatives to drive sustainable growth.
He outlined that the company remained focused on operational excellence, customer retention, cost optimisation, and strategic business development initiatives aimed at sustaining profitability and long-term growth.
He said, “While the outlook for both the global and domestic economy remains cautiously optimistic, we are confident in the resilience of our business and our ability to continue delivering sustainable growth and long-term shareholder value.”
Shareholders commended the board and management for successfully navigating a difficult operating environment and preserving value amid widespread economic uncertainty.
Shareholders also unanimously approved the re-election of directors, including Aminu Ado, Adebola Oluwasuyi, and Ishaya Danjuma.
The audited report and accounts for the year ended December 31, 2025, show profit after tax fell to N989.9 million in 2025 from N1.62 billion recorded in 2024, while profit before tax declined by 38 percent to N1.51 billion from N2.44 billion. Revenue remained broadly unchanged at N8.38 billion compared with N8.38 billion a year earlier.
The decline in profitability came after the company swung from a foreign exchange gain of N1.21 billion in 2024 to a foreign exchange loss of N109.9 million in 2025, eroding earnings and contributing to a 40 percent drop in operating profit to N1.47 billion. Administrative expenses rose to N1.57 billion from N1.34 billion, while selling and distribution expenses stood at N931.4 million.
Despite weaker earnings, gross profit improved by 4.6 percent to N4.07 billion from N3.89 billion as cost of sales declined to N4.30 billion from N4.48 billion, reflecting improved cost management in production activities.
A major highlight during the year was the strengthening of the company’s balance sheet. Total equity doubled to N11.84 billion from N5.91 billion, supported by a rights issue and the conversion of a N5.5 billion related-party loan into equity. Share premium rose to N5.6 billion, while retained earnings increased to N5.87 billion.
The recapitalisation exercise also significantly reduced debt obligations. Total liabilities fell by 67 percent to N2.96 billion from N8.96 billion in 2024, while non-current borrowings of N3.92 billion were eliminated. Current loans and borrowings declined to N135.7 million from N1.41 billion.
The company invested heavily in expanding its asset base during the year. Property, plant and equipment rose to N9.67 billion from N6.79 billion after capital expenditure of N3.24 billion. Cash and cash equivalents increased more than fourfold to N2.24 billion from N525.1 million.
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