Industrial and Medical Gas grows profit by 27%, offers bonus shares


By Olawunmi Ashafa

Lagos, May 18, 2022 Industrial and Medical Gas (IMG) Nigeria Plc, says it posted a net profit of N372 million in its 2021 financial year results.

The company said in a statement on Wednesday in Lagos that the figure represented an increase of 27 per cent when compared with the N292 million recorded in 2020, despite the inclement operating environment.

“The company’s directors are proposing bonus of one ordinary share for every five ordinary shares held by shareholders, whose names appear in the company’s register of members at the close of business on Friday, June 10.

“The proposed bonus shares shall increase the shareholders’ outstanding shares and boost liquidity of the company’s stock on the NGX.

“Approval of the bonus shares is one of the major items on the agenda for IMG’s hybrid Annual General Meeting (AGM), scheduled for Friday, June 24.

“In the review period, IMG’s total revenue was up by 16.4 per cent to hit N3.69 billion in 2021 from N3.17 billion in the preceding year, while its total assets inched up,” the statement said.

It added that the Chairman, IMG, Mr Abiodun Alabi, shall review the global economic outlook, the Nigerian economy, emerging success stories of divestment of Linde Group during the meeting.

It also said the acquisition of 60 per cent holding in the company by T.Y. Holdings would be reviewed.

The acquisition significantly increased T.Y. holding’s stake to 72 per cent and the change of the company’s name from BOC Gases to IMG Nigeria Plc as part of its brand positioning.

It said, “Alabi shall also review the industrial gas market and unfold IMG’s major performance indicators to the shareholders.

“He will formally introduce the four new directors that have joined the Company’s Board from diverse professional backgrounds and robust industry experience.”