Shareholders extol Performance of Industrial & Medical Gases

Read Time:2 Minute, 21 Second
Shareholders extol Performance of Industrial & Medical Gases
L-R : Adeshina Alayaki, Finance Director, Industrial & Medical Gases  (IMG) Nigeria Plc, Olawale Oyedele, Non-Executive Director, Mrs Aderonke Segun-Alabi, Company Secretary/Human Resources Manager, Adeleke Adebayo, Nom-Executive Director and Ayodeji Oseni, Managing Director and Chief Executive Officer, during IMG’s 63rd  Hybrid Annual General Meeting at weekend.

Shareholders of a leading manufacturer of gases, Industrial & Medical Gases Nigeria (IMG) Plc have commended its Board and Management over the Company’s performance despite the tough operating environment.

At the hybrid 63rd Annual General Meeting (AGM), held at the weekend, the shareholders also endorsed the declaration of one bonus share for every five ordinary shares held by shareholders.

The bonus shares underline the company’s strategic decision to reinvest its profit to build a stronger financial base in the nearest future.

Speaking on behalf of other shareholders, Mrs Bisi Bakare explained that shareholders were happy at the company’s good performance in all metrics.

“ We shareholders are quite happy with IMG. Despite the challenges in the operating environment, the Company made profits all round. The bonus shares declared is even more than dividend in value. This is commendable. We are particularly happy at the good performance, going by where the company is coming from. We believe the future of the Company is bright.”, she said.

               The kernel of the Story

• IMG by its current performance, posted a net profit of N372 million in its 2021 financial year as against N292 million in 2020, an increase of 27 per cent.

• IMG’s Chairman, Mr Abiodun Alabi, represented by a Non-Executive Director, Mr Adebayo Adeleke, reviewed the industrial gas market and explained that despite the inclement of the operating environment, IMG posted remarkable profits.

• The Company recorded another profitable year despite the myriads of challenges in 2021 among which are inadequate and expensive foreign exchange to maximize opportunities, plant breakdowns and increase in energy cost.

• IMG’s  total  revenue for the period was N3.69 billion up from N3.17 billion achieved in 2020. Profit after tax for the year also rose to N372 million from the N292 million achieved in 2020.

• The Managing Director and Chief Executive Officer, Mr Ayodeji Oseni says IMG’s strategic objectives is to be positioned for global competitiveness and enhance shareholder value through creation of innovative products and services.

• Oseni asserted that IMG would continue to demonstrate its commitment as a socially responsible corporate citizen through promotion of education and welfare of the communities in their areas of operation.

• The recent divestment of Linde Group from the Company and acquisition of its 60 per cent holding  by T.Y. Holdings has increased the Holding’s stake to 72 per cent. The development led to the change of  the company’s name from BOC Gases to IMG as part of  brand positioning.

0 0

Leave a Reply

Your email address will not be published. Required fields are marked *