Shareholders of Industrial & Medical Gases Nigeria (IMG) Plc have commended its Board and Management over the Company’s performance despite the tough operating environment.
At the hybrid 63rd Annual General Meeting (AGM), held at the weekend, the shareholders also endorsed the declaration of one bonus share for every five ordinary shares held by shareholders.
By its current performance, IMG posted a net profit of N372million in its 2021 financial year as against N292 million in 2020, an increase of 27 per cent.
The bonus shares underline the company’s strategic decision to reinvest its profit to build a stronger financial base in the nearest future.
Speaking on behalf of other shareholders, Mrs Bisi Bakare explained that shareholders were happy at the company’s good performance in all metrics.
“We shareholders are quite happy with IMG. Despite the challenges in the operating environment, the Company made profits all round. The bonus shares declared is even more than dividend in value. This is commendable. We are so happy at the good performance, going by where the company is coming from. We believe the future of the Company is bright,” she said.
Abiodun Alabi, chairman, Industrial & Medical Gases Nigeria Plc represented by Adebayo Adeleke, a non-Executive Director reviewed the industrial gas market and explained that despite the inclement operating environment, IMG posted remarkable profits.
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“Your Company recorded another profitable year despite the myriads of challenges in 2021 among which are inadequate/expensive foreign exchange to maximize opportunities, plant breakdowns and increase in energy cost. Total revenue for the period was N3.69 billion up from N3.17 billion achieved in 2020. Profit after tax for the year also rose to N372 million from the N292 million achieved in 2020. Focus on operational efficiencies, tight cost control measures, improved service delivery, generation of new business and determined efforts by management and staff were responsible for the increase in our bottom line,” said Alabi.
Ayodeji Oseni, Managing Director and Chief Executive Officer, Industrial & Medical Gases Nigeria Plc explained that IMG’s strategic objectives were to position it for global competitiveness and enhanced shareholder value through creation of innovative products and services. Oseni expressed optimism that the company would continue to operate optimally, irrespective of the nature of the operating environment.
“Our strategic objectives in the short and medium term will continue to align with the dynamism prevalent in the marketplace today even as we keep our eyes on the future and expansion of the business. Management and Staff will continue to focus our efforts and resources on the growth opportunities within the food and beverage, oil and gas, healthcare, energy, and agricultural sectors of the Nigerian economy. As an organization, we will continue to position our business to capitalize on opportunities in these sectors and boast our performance inn2022,” Oseni said.
The recent divestment of Linde Group from the Company and acquisition of its 60 percent holding by T.Y. Holdings, it has increased the Holding’s stake to 72 percent. The development led to the change of the company’s name from BOC Gases to IMG as part of brand positioning.
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