Shareholders of Industrial and Medical Gases Nigeria (IMG) Plc, have praised the board and management of the company for their outstanding performance and fulfillment of brand promise, despite the challenging operating conditions.
The manufacturer of industrial and medical gases recorded a 27.56 percent increase in profit before tax, reaching N704 million in December 2022, compared to N552 million in the same period of 2021. Earnings per share also improved from 89 kobo to 90 kobo, while net profit rose by 20.52 percent to N448 million from N372 million in 2021.
To demonstrate their commitment to shareholder value, the board rewarded the shareholders with a cash dividend of N208.122 million for the 2022 financial year, equating to 40 kobo per share.
Speaking at the 64th Annual General Meeting (AGM) held in Lagos, the president of the Noble Shareholders Association of Nigeria, Mathew Akinlade, commended the board, management, and staff of IMG for their exceptional performance despite challenges such as inflation, forex scarcity, insecurity, and other obstacles that affected business operations.
The acting chairman of IMG, Mr. Aminu Ado, assured the shareholders that the company would invest in revenue-generating capital expenditure to enhance its earnings in 2023.
“The year 2022 was a challenging but successful year for us. Our outstanding performance was made possible by the collective efforts of all our stakeholders.
In 2023, the board will continue to support management’s aggressive marketing of its products, improve service delivery, reduce overheads, develop new markets, and introduce new and innovative products.
“These activities, we believe, will support management’s drive to sustain and improve shareholder value in 2023,” assured Ado.
The managing director and chief executive officer of IMG, Mr. Ayodeji Oseni, explained that the implementation of strategic business and other initiatives were key drivers of the impressive performance.
“We place a high emphasis on strategic business development initiatives and prioritize customer satisfaction. Our operations are based on integrated marketing and sales solutions in the marketplace. By adopting a deliberate cost reduction policy and making focused improvements in our processes, we ensure that plant capacity utilization plays a major role in our performance.
“We value our staff and continually empower them, while also striving for continuous improvement in our internal efficiencies across the business,” said Oseni.
In 2021, the company underwent a rebranding (changing its name from BOC Gases Nig. Plc) to Industrial & Medical Gases Nigeria Plc and developed a blueprint to enhance its global competitiveness on a sustainable basis, regardless of the operating conditions.