Shareholders of Industrial and Medical Gases Nigeria (IMG Nigeria) Plc at the weekend approved the distribution of N208.12 million as cash dividends for the 2022 business year.
At the annual general meeting in Lagos, shareholders okayed payment of a dividend per share of 40 kobo for the 2022 business year amid commendations for the company, which had distributed bonus shares of one for five shares for the 2021 business year.
Key extracts of the audited report and accounts of IMG Nigeria for the year ended December 31, 2022 showed that profit before tax grew by 27.56 per cent to N704 million in 2022, as against N552 million in the corresponding period in 2021. Earnings per share stood at 90 kobo in 2022 compared with 89 kobo in the previous year. Net profit increased by 20.52 per cent to N448 million in 2022 from N372 million in 2021.
President, Noble Shareholders Association of Nigeria, Mathew Akinlade, described the company’s performance as outstanding noting that inflation, foreign exchange (forex) scarcity, insecurities and other challenges had impacted business in the review period.
“Gross revenue rose by 44 per cent. Although the cost of sales increased by 56 per cent , 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 per cent. It means the board and management care for the shareholders,” Akinlade said.
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Other shareholders also commended the company for continuing growth.
Shareholders however urged the board and management of the company to put in place strategy to cope with the new policy environment of the federal government.
Acting Chairman, Industrial and Medical Gases Nigeria (IMG Nigeria) Plc, Mr Aminu Ado, assured the shareholders that the company would embark on revenue generating capital expenditure to boost its earnings in 2023.
He noted that though last year was challenging, it was successful for the company as stakeholders joined hands to make sure the company recorded superior performance.
“In 2023, your Board will continue to support management’s drive on aggressive marketing of its products, improvement service delivery, reduction of overheads, developing 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 said.
Managing Director, Industrial and Medical Gases Nigeria (IMG Nigeria) Plc, Mr Ayodeji Oseni, said some of the key drivers of the company’s impressive performance were 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 is to ensure that plant capacity utilization play 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,” Oseni said.
The company had in 2021 changed and rebranded its corporate identity following the emergence of a new core investor. It changed from BOC Gases Nigeria Plc to her new name and brand.