IMG grows assets to N6.78bn, proposes dividend 

By Business A.M.

Industrial and Medical Gases (IMG) Nigeria plc, has grown its total assets to N6.78 billion as at the year ended December, 2022, an increase of 21 percent, compared with N5.60 billion posted in 2021. 

 The profit before tax of the frontline manufacturer of industrial and medical gases in Nigeria also grew by 27.56 percent to N704 million in the review period,  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 corresponding period.

Despite the inclement operating environment, characterized by high inflation and interest rates, forex scarcity and low purchasing power of consumers among others, IMG recorded a net profit of N448 million, compared to N372 million in the preceding year, an increase of 20.52 percent.

Determined to reward its shareholders, the company’s board of directors 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 of the shareholders at the annual general meeting (AGM), scheduled for July, this year. 

Ayodeji  Oseni, managing director and chief executive officer, IMG, 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 utilization. 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 her 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.