IMG rewards shareholders with N208.1m dividend

Industrial and Medical Gases Nigeria Plc (IMG) has rewarded its shareholders with dividend worth N208.12 million for 2022 financial year.

According to the company, this translates to 40 kobo per ordinary share as against a stock dividend of one for every five shares held in 2021.

IMG Acting Chairman, Mr Aminu Ado, at its 64th Annual General Meeting (AGM) in Lagos, assured the shareholders that the company would continue to embark on revenue generating capital expenditure to boost its earnings in 2023.

Ado revealed that IMG profit before tax grew by 27.56 per cent to N704 million in December 2022, as against N552 million in the corresponding period in 2021.

He said its earnings per share stood at 90 kobo, compared to 89 kobo in the previous year and its net profit shot up by 20.52 per cent to N448 million from N372 million in 2021.

Ado noted that the year 2022 was a challenging but successful year for the company.

He, however, stated that the company’s superior performance was made possible by the collective efforts of all its stakeholders.

“The board would continue to support management’s drive on aggressive marketing of its products, improve service delivery, reduce overheads, develop new markets and introduce new and innovative products.

“These activities, we believe, will back-up management’s drive to sustain and improve shareholder value in 2023,” he said.

IMG Managing Director, Mr Ayodeji Oseni, said key drivers of the company’s impressive performance include strategic implementation and other initiatives.

According to him, the company placed high premium on strategic business development initiatives and was a customer-focused organisation.

“Our operations are based on integrated marketing and selling solutions in the market place.

“The adoption of a deliberate cost reduction policy and focused improvements in our processes is to ensure that plant capacity utilisation 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,” he said.

Meanwhile, some elated shareholders of the company extolled its performance and its delivery of brand promise, in spite of the inclement operating environment .

President, Noble Shareholders Association of Nigeria, Mr Mathew Akinlade, said the company performed well in spite of issues of inflation, foreign exchange scarcity, insecurities and other challenges.

“Gross revenue rose by 44 per cent and though 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.

“It means the board and management care for its shareholders,” he said.

Our correspondent reports that the company, which rebranded from BOC Gases Nigeria Plc, continues to strengthen its global competitiveness on a sustainable basis, irrespective of the nature of the operating environment.