IMG’s operational efficiencies, cost control measures aid profit by 27%

Industrial and Medical Gases Nigeria (IMG) Plc has hinged the 27 per cent rise in profit for the 2021 financial year on a deliberate focus on operational efficiencies, tight cost control measures, improved service delivery and generation of new business.

At the company’s 63rd virtual yearly general meeting held at the weekend, the Chairman, Abiodun Alabi, represented by a Non-Executive Director, Adebayo Adeleke, while reviewing its performance, said the company posted a net profit of N372 million in its 2021 financial year as against N292 million in 2020, an increase of 27 per cent.

Also at the meeting, shareholders endorsed a bonus share for every five ordinary shares held for the 2021 financial year.

He said the bonus shares underlined the company’s strategic decision to reinvest its profit to build a stronger financial base in the near future.

According to him, the company’s total revenue for the period also rose to N3.69 billion up from N3.17 billion achieved in the corresponding period in 2020.

“Your Company recorded another profitable year despite the myriads of challenges in 2021 among which are inadequate/expensive foreign exchange to maximize opportunities, plant breakdowns and increase in energy cost.”

However, he pointed out that focus on operational efficiencies, tight cost control measures, improved service delivery, generation of new business and determined efforts by management and staff were responsible for the increase in its bottom line.

Corroborating him, the Managing Director and Chief Executive Officer, Ayodeji Oseni, explained that IMG’s strategic objectives were to position it for global competitiveness and enhanced shareholder value through the creation of innovative products and services.

Oseni expressed optimism that the company would continue to operate optimally, irrespective of the nature of the operating environment.

“Our strategic objectives in the short and medium-term will continue to align with the dynamism prevalent in the marketplace today even as we keep our eyes on the future and expansion of the business.

He assured shareholders that the Management and Staff will continue to explore growth opportunities within the food and beverage, oil and gas, healthcare, energy, and agricultural sectors of the Nigerian economy to consolidate on the performance.

“As an organization, we will continue to position our business to capitalise on opportunities in these sectors and boast our performance inn2022. “, Oseni said.

Speaking on behalf of other shareholders, the President of Pragmatic Shareholders Association, Mrs Bisi Bakare said shareholders were happy with the company’s improved performance in all metrics.

“We shareholders are quite happy with IMG. Despite the challenges in the operating environment, the company made profits all around. The bonus share declared is even more than the dividend in value.

This is commendable. We are so happy with the good performance, going by where the company is coming from. We believe the future of the company is bright”, she said.