IMG Shareholders Praise Company Over 40 Kobo Dividend

Investors of Industrial and Medical Gases Nigeria Plc have commended the company's Board of Directors, Management, and Staff for excellent performance and the fulfillment of the brand promise despite the challenging circumstances in which it operates and the economic situation.

• Profit before tax of the company increased by 27.56% to N704 million in December 2022, far compared to N552 million in the same time in 2021.

• Profits per share were 90 kobo, up from 89 kobo the previous year.

• Net profit increased by 20.52 percent to N448 million in 2021, from N372 million.

The Board awarded shareholders with a cash dividend of N208,122 Million for the fiscal year 2022, which corresponds to 40 kobo for each Ordinary Share, as opposed to a stock dividend of one for every five shares held in 2021, as a display of its consistency in delivering on shareholder value. 

During the Company's 64th Annual General Meeting (AGM) in Lagos, Mathew Akinlade, President of the Noble Shareholders Association of Nigeria, commended the Board, Management, and Staff of IMG for an outstanding performance despite issues of inflation, insecurity, forex scarcity, and other challenges that impacted business during the review period. 

In his address to the shareholders, Mr. Aminu Ado told them that the company will begin on revenue-generating capital investment to improve profitability in 2023. 

“We had a tough but good year in 2022. All of our stakeholders worked together to achieve our excellent performance. In 2023, your Board will continue to support management's efforts to aggressively market its products, improve service delivery, reduce overheads, develop new markets, and introduce new and innovative products," Ado stated.  

Mr. Ayodeji Oseni, Managing Director and Chief Executive Officer, noted that the deployment of strategic business and other initiatives was one of the primary drivers of the excellent achievement.

“We place a high premium on strategic business development initiatives and we are a customer-focused organization. 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 to ensure that plant capacity utilization plays 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,” said Oseni.

In 2021, the firm was reestablished (from BOC Gases Nig. Plc) to her new name and brand, Industrial & Medical Gases Nigeria Plc, and established a roadmap to increase its worldwide competitiveness on a long-term basis, regardless of the operating climate.