Industrial & Medical Gases Nigeria Plc reported a profit before tax of N1.42 billion for the year ended December 2025, according to its unaudited financial statements.
Although the company remained profitable, this represents a decline from the N2.44 billion recorded in the prior year, as higher operating expenses weighed on bottom-line performance.
In the fourth quarter of 2025, pre-tax profit rose to N204.9 million, up from N160.2 million in the corresponding period of 2024, reflecting improved quarterly earnings.
However, fourth-quarter revenue softened, falling to N1.7 billion from N2.1 billion a year earlier, while full-year revenue remained firm at N8.3 billion.
Key Highlights (FY2025 unaudited vs FY2024 audited)
- Revenue: N8.37 billion vs N8.37 billion (audited)
- Gross profit: N4.07 billion (up 4.72% YoY from N3.89 billion)
- Operating profit: N1.38 billion (down 43.60% YoY from N2.44 billion)
- Pre-tax profit: N1.42 billion (down 41.47% YoY from N2.44 billion)
- Profit after tax: N933.07 million (down 42.50% YoY from N1.62 billion)
- Earnings per share: N1.28 (down from N3.25)
- Total assets: N14.68 billion (down 1.27% YoY from N14.87 billion)
Driving the numbers
Revenue for the year inched up to N8.37 billion, driven largely by gas sales, which continued to dominate the business, accounting for 96.5% of total turnover.
- The balance came from rental income on gas equipment, engineering services, sales of gas equipment, and delivery charges.
On the cost side, the cost of sales narrowed to N4.2 billion from N4.4 billion in the prior year, supporting an improvement in gross profit, which rose 4.72% to N4.07 billion.
The company also recorded other income of N115.9 million, mainly from generator hire and gains on scrap sales.
However, this was overshadowed by rising operating expenses.
- Administrative expenses climbed 29.3% to N1.7 billion, while other expenses stood at N43.7 million.
- Foreign exchange losses amounted to N113.9 million and selling and distribution expenses more than tripled to N921.5 million.
As a result, operating profit declined sharply to N1.3 billion from N2.4 billion in the previous year.
After factoring in finance income of N48.1 million and no finance costs, profit before tax settled at N1.42 billion, down from N2.44 billion in 2024.
- On the balance sheet, total assets remained largely stable at N14.6 billion, with property, plant and equipment of N9.6 billion accounting for the bulk of the asset base.
In a positive development, total liabilities fell sharply to N2.9 billion from N8.9 billion a year earlier.
Shareholders’ equity strengthened significantly, rising to N11.7 billion from N5.9 billion in the prior year, with general reserves making up 96.9% of total equity.
Market reaction
Based on the trading information provided, Industrial & Medical Gases Nigeria Plc shares are currently priced at N34.65, up 10% month-to-date in February 2026.
The stock appears to be rebounding from a January low of N31.50 and has since traded above the N34 level in February, likely supported by improved investor sentiment following the release of its financial results.
