Industrial and Medical Gases Nigeria PLC (IMG) has rewarded shareholders with a cash dividend of N208.1 million for 2022 financial year, which translates to 40 kobo per ordinary share as against a stock dividend of one for every five shares held in 2021.
The frontline manufacturer of industrial and medical gases said the move is a reflection of its consistency in delivering on shareholder value amid a strong financial performance which saw the company’s profit before tax grow by 27.56 per cent to N704 million in December 2022, compared to N552 million in the corresponding period in 2021.
During the review period,the company’s net profit rose by 20.52 per cent to N448 million from N372 million in 2021, while earnings per share also appreciated to 90 kobo, compared to 89 kobo in the previous year.
Addressing shareholders at the 64th annual general meeting (AGM) in Lagos,Aminu Ado,the acting chairman, assured the shareholders that the company would embark on revenue generating
capital expenditure to boost its earnings in 2023.
According to Ado, 2022 was a challenging but successful year for the company, but its superior
performance was made possible by the collective efforts of all its stakeholders.
He stated that in 2023, the 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,”he assured.
On his part,Ayodeji Oseni,the managing director and chief executive officer, explained that some of the key drivers of the impressive performance were implementation of strategic business and other initiatives.
Oseni emphasised that the company is a customer-focused organization places a high premium on strategic business development initiatives, values its staff and constantly empower them in addition to ensuring continuous improvement in the internal efficiencies across the business.
“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 plays a major role in our performance,” Oseni said.
Speaking on behalf of the shareholders, Mathew Akinlade the president, Noble Shareholders Association of Nigeria, commended the board, management and staff of IMG for an outstanding performance despite the issues of inflation, forex scarcity, insecurities and other challenges that 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.
Some other shareholders also congratulated the company for the impressive performance and urged it to ensure that it put in place strategy to cope with the new policy of the federal government.
