Shareholders of Industrial and Medical Gases Nigeria Plc have applauded the company for its exemplary performance and delivery of brand promise, despite the challenging operating environment.
The profit before tax of the frontline manufacturer of industrial and medical gases grew by 27.56 percent to N704 million in December 2022, 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 previous year.
The net profit shot up by 20.52 percent to N448 million from N372 million in 2021.
As a demonstration of its consistency in delivering on shareholder value, the board rewarded the shareholders with a cash dividend of N208.122million for the 2022 financial year, which translates to 40 kobo per Ordinary Share as against a stock dividend of one for every five shares held in 2021.
Commenting on the Company’s performance during its 64th Annual General Meeting (AGM) in Lagos, Mathew Akinlade, president, Noble Shareholders Association of Nigeria commended the Board, Management and Staff of IMG for an outstanding performance despite the issues of inflation, forex scarcity, insecurities and other challenges that impacted business in the review period.
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“Gross revenue rose by 44 percent. Although the cost of sales increased by 56 percent , the Company is generous to give a very good return of 40 kobo dividend per share out of Earning Per Share of 90 kobo, almost an increase of 50 percent. It means the Board and Management care for the shareholders.”, said Akinlade. Some other shareholders also congratulated the Company for its impressive performance and urged it to ensure that it put in place a strategy to cope with the new policy of the Federal Government.
Addressing the shareholders, Aminu Ado, acting chairman, Industrial and Medical Gases Nigeria Plc assured the shareholders that the Company would embark on revenue-generating capital expenditure to boost its earnings in 2023.
“The year 2022 was a challenging but successful year for us. Our superior performance was made possible by the collective efforts of all our stakeholders. In the year 2023, your Board will continue to support management’s drive on aggressive marketing of its products, improvement service delivery, reduction of overheads, development of new markets and introduction of new and innovative products. These activities, we believe, will back-up management’s drive to sustain and improve shareholder value in 2023,” Ado assured.
Ayodeji Oseni, managing director and Chief Executive Officer, Industrial and Medical Gases Nigeria Plc explained that some of the key drivers of the impressive performance were the implementation of strategic business and other initiatives.
” We place a high premium on strategic business development initiatives and we are a customer-focused organisation. Our operations are based on integrated marketing and selling solutions in the marketplace. The adoption of a deliberate cost reduction policy and focused improvements in our processes to ensure that plant capacity utilization plays a major role in our performance. We value our staff and constantly empower them in addition to ensuring continuous improvement in our internal efficiencies across the business,” said Oseni.
The company had 2021 rebranded (from BOC Gases Nig Plc) to its new name and brand, 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.
