IMG Shareholders Approve N249m Dividend For 2023

Shareholders of Industrial & Medical Gases (IMG) Nigeria Plc have approved a dividend of N249 million for the financial year ended December 31, 2023.

The shareholders gave their approval at the Company’s 64th Annual general Meeting (AGM) held at the weekend in Lagos.

The Company said that “despite the headwinds in the Nigerian economy, the total comprehensive income of IMG jumped by 295 per cent, from N215.967 million in 2019 to N852.753 million in 2023.

In the review period of 2023, revenue grew by 98 per cent from N3.06 billion in 2019 to N6.06 billion in 2023, while earnings per share rose from 52 kobo to N1.71.

The company declared a dividend of 50 kobo per share for its 2023 financial performance, totaling N249.47 million.

Speaking to shareholders, the acting chairman of IMG, Aminu Ado, stated that the impressive performance would be sustained in 2024 by the Company’s capital investment and optimisation of the use of resources amongst others.

“The Company had another great year despite the negative impacts of Forex, the Russian/Ukrainian and the Israeli/Gaza wars on the economy of the world and Nigeria. We intend to sustain the growth performance in 2024 by our capital investment, optimising the use of our resources, improving logistics, cost-cutting measures, generating new business prospects, and improving on employee training,” said Ado.

Also, the managing director and chief executive officer of IMG, Ayodeji Oseni assured the shareholders of a better future ahead, saying that “despite the prevailing gloomy national economic outlook, the future holds great promise for Industrial & Medical Gases Nigeria as we continue to consolidate and innovate.

“We shall remain resolute in implementing our growth strategy as we navigate the challenging operating terrain that lie ahead, leveraging opportunities and production efficiencies plus our cost management drive towards sustainable profitability.”

The Finance director of IMG, Adesina Alayaki noted that IMG’s use of natural gas which is subject to volatility of forex costs had impacted the company’s operations. He however expressed optimism that IMG remained committed to its growth strategy.

Shareholders commended the Board and Management of IMG for the topnotch performance in the review period.  The President of Noble Shareholders’ Solidarity Association (NSSA), Mathew Akinlade, described IMG as a company with a solid balance sheet and very liquid, saying that  the Company has capacity to pay a higher dividend in the near future.