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Industrial and Medical Gases Nigeria Plc Secures Shareholder Approval for N6.5billion Rights Issue and N400 Million Dividend

Strategic Insights

— 1 min read

Industrial and Medical Gases (IMG) Nigeria Plc has secured the approval of its shareholders for a N6.5 billion rights issue, and a N400 million dividend proposed by the company's board, translating to 80 kobo per share. The shareholders also endorsed a bonus issue of one new Ordinary Share of 50 kobo for every 10 Ordinary Shares held. The company's Chairman, Aminu Ado, and Managing Director, Ayodeji Oseni, highlighted the company's strong financial performance, with a 38% increase in revenue and a significant growth in profit after tax.

Key Takeaways:

  • The shareholder approved a N6.5 billion rights issue and a N400 million dividend, translating to 80 kobo per share.
  • The company plans to use the capital investments, diversification of market, production expansion, cost efficiency, and customer-centric innovation to drive growth.
  • Revenue grew by 38 percent from N6.064 billion in 2023 to N8.376 billion in 2024.
  • Profit After Tax increased from N850 million to N1.62 billion during the same period.
  • Shareholders commended the Board and Management for the stellar performance and promised to reciprocate the dividend declared and bonus shares by taking their rights issue fully.
  • The company plans to float a rights issue to avoid borrowing from banks and to enhance its expansion drive.
  • Two Non-Executive Directors, Olawale Oyedele and Adebayo Adeleke, were re-elected, indicating a stable board and a vote of confidence in their capabilities.

Statistics:

  • Revenue growth: 38% increase from N6.064 billion in 2023 to N8.376 billion in 2024.
  • Profit After Tax growth: 90.59% increase from N850 million to N1.62 billion.
  • Dividend: 80 kobo per share, totaling N400 million.
  • Rights issue: N6.5 billion.

Sources:

  • Ayodeji Oseni, Managing Director and Chief Executive Officer, Industrial and Medical Gases.
  • Aminu Ado, Chairman, Industrial and Medical Gases (IMG).
  • Oladiji Mustapha, Shareholder.
  • Boniface Okezie, National Chairman, Progressive Shareholders Association (PSA).

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