Shareholders of Industrial and Medical Gases (IMG) Nigeria Plc have approved a dividend of N208.122 million proposed by the Board of Directors of the Company.
The approval was given at the company’s 64th Annual General Meeting (AGM) held in Lagos.
The dividend translates to 40 kobo per Ordinary Share as against a stock dividend of one for every five shares held in 2021.
What the company said:
Addressing the Shareholders at the AGM, the Acting Chairman, Mr Aminu Ado, assured the shareholders that the Company would embark on revenue-generating capital expenditure to boost its earnings in 2023.
- “The year 2022 was a challenging but successful year for us. Our performance was made possible by the collective efforts of all our stakeholders. In the year 2023, your Board will continue to support management’s drive on aggressive marketing of its products, improvement service delivery, reduction of overheads, development of new markets, and introduction of new and innovative products.
- These activities, we believe, will back-up management’s drive to sustain and improve shareholder value in 2023. “, Ado assured.
The Managing Director and Chief Executive Officer, Mr Ayodeji Oseni, explained that some of the key drivers of the performance were the implementation of strategic business and other initiatives.
- “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.
Shareholders’ view
The President, of the Noble Shareholders Association of Nigeria, Mathew Akinlade, commended the Board, Management, and Staff of IMG for an outstanding performance despite the issues of inflation, forex scarcity, insecurities, and other challenges that impacted business in the review period.
- “Gross revenue rose by 44%. Although the cost of sales increased by 56%, the Company is generous to give a very good return of 40 kobo dividend per share out of Earning Per Share of 90 kobo, almost an increase of 50%. It means the Board and Management care for the shareholders.”, said Akinlade.
The profit before tax of the frontline manufacturer of industrial and medical gases grew by 27.56% to N704 million in December 2022, as against N552 million in the corresponding period in 2021 while its earnings per share stood at 90 kobo, compared to 89 kobo in the previous year.
The net profit grew by 20.52% to N448 million from N372 million in 2021.
