Elated shareholders of Industrial and Medical Gases Nigeria (IMG) PLC, have praised the board, management and staff of the company over the delivery of brand dividend’s promise, despite the harsh operating environment.
IMG’s profit before tax (PBT) grew by 27.56 per cent to N704 million in December 2022, as against N552 million reported in the corresponding period in 2021, while its earnings per share (EPS) stood at 90 kobo, compared to 89 kobo in the previous year.
This was as the company’s net profit rose by 20.52 percent to N448 million from N372 million in 2021.
As a demonstration of its consistency in delivering on shareholder value, the Board rewarded the shareholders with a cash dividend of N208.122 million for 2022 financial year, translating to 40 kobo per ordinary share as against a stock dividend of one for every five shares held in 2021.
Commenting on the year’s performance during its 64th Annual General Meeting (AGM) in Lagos at the weekend, the President, Noble Shareholders Association of Nigeria, Matthew Akinlade, commended the board, management and staff of IMG for an outstanding performance despite the issues of inflation, forex scarcity, insecurity and other challenges that impacted businesses in the review period.
Akinlade noted that despite the increase in the cost of sales recorded by the company, the return of 40 kobo dividend is laudable.
Responding, the Acting Chairman, IMG Plc, Aminu Ado, while admitting that 2022 was challenging, assured the shareholders that the company would embark on revenue generating capital expenditure to boost its earnings in the next financial year.
“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, developing 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.
Also speaking, the Managing Director and Chief Executive Officer, Ayodeji Oseni, explained that some of the key drivers of the impressive performance were implementation of strategic business and other initiatives.
Oseni further added that the adoption of a deliberate cost reduction policy and focused improvements in its processes is to ensure that plant capacity utilization plays a major role in the company’s performance.
SOURCE: THESUN
