Industrial and Medical Gas grows profit by 27%

Industrial and Medical Gas (IMG) Nigeria Plc, has posted a net profit of N372 million in its 2021 financial year as against N292 million in 2020, an increase of 27 percent, despite the inclement operating environment.

Besides, the company’s Directors are proposing one bonus of Ordinary Share for every five Ordinary Shares held by shareholders, whose names appear in the Company’s Register of Members at the close of business on Friday, June 10, 2022.

By the statement filed with the capital market regulators, the proposed bonus shares, which indicates the Company’s strategic decision to reinvest its profit to build a stronger financial base in the nearest future, shall increase the shareholders’ outstanding shares and boost liquidity of the Company’s stock on the NGX.

Approval of the bonus shares is one of the major items on the agenda for IMG’s hybrid Annual General Meeting (AGM), scheduled for Friday, June 24, 2022. In the review period, IMG’s total revenue was up by 16.4 percent to hit N3.69 billion in 2021 from N3.17 billion in the preceding year while its total assets inched up.

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During the meeting, IMG’s Chairman, Abiodun Alabi, shall review the global economic outlook, the Nigerian economy, emerging success stories of divestment of Linde Group and acquisition of 60 percent holding in the Company by T.Y. Holdings, which significantly increased the Holding’s stake to 72 percent and the change of the Company’s name from BOC Gases to IMG Nigeria PLC as part of its brand positioning.

Alabi shall also review the industrial gas market and unfold IMG’s major performance indicators to the shareholders. He will formally introduce the four new Directors that have joined the Company’s Board from diverse professional background and robust industry experience. On the list of other vital issues at the meeting are Corporate Social Responsibility, updates on the activities of the customers, distributors, suppliers and agents, safety and environment and the future of IMG as a major player in the gas industry.