The Board of Directors of Industrial & Medical Gases Nigeria Plc has announced the appointment of Mr. Aminu Ado as substantive Chairman of the company.
This was contained in the company’s notice to the Nigerian Exchange Limited and the investing public seen by Nairametrics.
The statement reads:
“We write to formally notify the investing public and Nigerian Exchange Limited that the Board of Directors of Industrial & Medical Gases Nigeria Plc (IMG) at its meeting dated 27th June 2024, confirmed Mr. Aminu Ado as the substantive Chairman after acting in this capacity since July 2022”.
Profile of Aminu Ado
According to the notice signed by the Company Secretary, Mrs. Aderonke Segun-Alabi, Mr. Aminu Ado holds a B.Sc. degree in Business Administration from the Ahmadu Bello University (ABU), Zaria where he specialized in Actuarial Science and graduated with a Second-Class Upper Division.
He also holds a master’s degree in financial management from the Robert Gordon University (RGU), Aberdeen, United Kingdom, and a master’s in business administration from the Obafemi Awolowo University (OAU), lle-Ife, Osun State, Nigeria.
He was a recipient of the prestigious Commonwealth Scholarship Award (2005). His career experience spans Banking, Oil Servicing, Consulting, and Investment Management amongst others.
He is a Member and a Fellow of the Association of Chartered Certified Accountants (ACCA), United Kingdom, a Member of, the Chartered Institute of Taxation of Nigeria (CITN), a Member of the Nigerian Institute of Management (NIM), and an Associate Member of the Institute of Directors (IoD).
He is currently the Managing Director of TY Holdings Limited, and he serves as a Non-Executive Director on the Board of Unitrust Insurance Company Limited.
Financial performance
The company’s total revenue from the business grew from N5.33 billion realized in 2022 to N6.06 billion in 2023. The year’s profit after tax rose to N0.85 billion from N0.44 billion.
the total comprehensive income jumped by 295 %, from N215.967 million in 2019 to N852. 753 million in 2023, while Earnings Per Share (EPS) rose steadily from 52 kobo to N1.71.
The company declared a dividend of 50 kobo per share for its 2023 financial performance, totalling N249.47 million.
Shareholders of Industrial & Medical Gases (IMG) Nigeria Plc, recently approved the payment of N249 million declared by the board of the directors of company.
The dividend which was approved at the company’s 64th Annual General Meeting (AGM), in Lagos represents 50 kobo per share.
IMG closed its last trading day on Tuesday, July 2, 2024, at N11.90 per share on the Nigerian Stock Exchange (NGX). Industrial & Medical Gases began the year with a share price of N13.45 but has since lost 11.5% off the price valuation.
