IMG Approve N208 Million the Shareholders of Industrial and Medical Gases Nigeria (IMG Nigeria) Plc have given their nod to the distribution as cash dividends for the 2022 business year. The announcement came during the company’s annual general meeting in Lagos, where shareholders welcomed the payment of a dividend per share of 40 kobo for the 2022 business year. Commendations were also extended to the company for its previous distribution of bonus shares.
The audited report and accounts of IMG Nigeria for the year ended December 31, 2022, revealed robust financial growth. The company’s profit before tax witnessed an impressive surge of 27.56 per cent, reaching N704 million in 2022 compared to N552 million in the corresponding period in 2021. Earnings per share also saw a slight increase, standing at 90 kobo in 2022 compared to 89 kobo in the previous year. IMG Approve N208 Million Additionally, net profit witnessed a significant growth of 20.52 per cent, soaring to N448 million in 2022 from N372 million in 2021.
President of the Noble Shareholders Association of Nigeria, Mathew Akinlade, lauded IMG Nigeria’s exceptional performance, especially considering the challenging business environment plagued by inflation, foreign exchange (forex) scarcity, insecurities, and other obstacles. He praised the company for generously distributing a dividend per share of 40 kobo, which represents nearly a 50 per cent increase, demonstrating the board and management’s commitment to shareholders.
However, shareholders also urged the company’s leadership to devise effective strategies to navigate the evolving policy landscape set by the federal government.
Assuring shareholders of a prosperous future, the Acting Chairman of IMG Nigeria, Mr Aminu Ado, revealed the company’s plans to embark on revenue-generating capital expenditure in 2023. Despite the challenges faced in the previous year, Ado commended the collaborative efforts of stakeholders that contributed to the company’s superior performance.
The Managing Director of IMG Nigeria, Mr Ayodeji Oseni, attributed the company’s impressive performance to the implementation of strategic business initiatives and a customer-focused approach. Oseni emphasized the importance of cost reduction policies, streamlined processes, and continuous staff empowerment to ensure optimal performance and plant capacity utilization.
IMG Nigeria underwent a significant transformation in 2021, rebranding its corporate identity following the emergence of a new core investor. Formerly known as BOC Gases Nigeria Plc, the company has since adopted its new name and brand.
Looking ahead to 2023, the Board of IMG Nigeria expressed its commitment to support management in aggressive marketing, improved service delivery, reduced overheads, new market development, and the introduction of innovative products. These initiatives are expected to further enhance shareholder value and sustain the company’s growth trajectory.
With a successful year behind them and strategic plans for the future, IMG Nigeria remains focused on fortifying its position in the industrial and medical gases sector while providing value to its shareholders.
for more news visit https://arritoneconsult.com.ng/blog/wp-admin
for more educational post visit examhood.com.ng