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By Chinwendu Obienyi
Despite the nation’s harsh operating environment, Industrial and Medical Gases (IMG) Nigeria Plc, announced it grew its total assets to N 6.78 billion for the year ended December 2022, representing an increase of 21 per cent compared with N5.60 billion recorded in 2021.
This was even as the company has proposed a cash dividend of 40 Kobo per ordinary share as against a stock dividend of one for every five shares held in 2021 for approval by shareholders.
A statement from the company, said its Profit Before Tax (PBT) grew by 27.56 per cent to N704 million in the period under review as against N552 million in the corresponding period in 2021, while earnings per share (EPS) rose to 90 kobo, compared to 89 kobo in 2021.
Despite the inclement operating environment, characterised by high inflation and rising interest rates, forex scarcity and low consumer purchasing power among others, IMG recorded a net profit of N448 million, compared to N372 million in the preceding year, representing an increase of 20.52 per cent.
To reward its shareholders, the 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.
Commenting on the results, the Managing Director and Chief Executive Officer, Ayodeji Oseni, explained that some of the key drivers of the impressive performance were implementation of strategic business and other initiatives.
“We place a 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 utilisation. We value our staff and constantly empower them in addition to continuous improvement in our internal efficiency across the business” Oseni said.
The Company had in 2021, rebranded (from BOC Gases Nig. Plc) to a new name and brand called Industrial &Medical Gases Nigeria plc having developed a blueprint to strengthen its global competitiveness on a sustainable basis.
