Industrial and Medical Gases Nigeria Plc

Annual Report and Financial statements For the year ended 31 December 2022

Industrial and Medical Gases Nigeria Plc

Annual Report and Financial statements

For the year ended 31 December 2022

Table of Contents

Corporate information

i

The year at a glance

ii

Directors' report

iii

Statement of Directors' responsibilities

xiii

Certification of financial statements

xiv

Report of the audit committee

xv

Independent Auditors' report

1

Statement of profit or loss and other comprehensive income

4

Statement of financial position

5

Statement of changes in equity

6

Statement of cash flows

7

Notes to the Financial Statements

8

Value added statement

72

Five- Year Financial summary

73

Industrial and Medical Gases Nigeria Plc

Annual Report and Financial statements

For the year ended 31 December 2022

Corporate information

Registration number: RC 2035

Tax Identification Number: 00864426-0001

Board of directors:

Names

Mr. Aminu Ado (Appointed: Non Executive 26/01/22;

Chairman 08/07/22)

-

Chairman

Mr. Abiodun Olabode Alabi (Exit 24/06/22)

-

Chairman

Mr. Ayodeji Oseni

-

Managing Director

Mr. Oyeniyi Olawale Oyedele

-

Non-executive

Mr. Adebayo Adeleke

-

Non-executive

Mr. Adeshina Alayaki

-

Finance Director

Mr. Ishaya Danjuma (Appointed 26/01/22)

-

Non-executive

Mrs Adebola Esosa Oluwadeyi (Appointed 26/01/22)

-

Non-executive

Engr Funmilola Ojelade (Appointed 26/01/22)

-

Independent non-

executive

Company secretary:

Mrs Aderonke Segun-Alabi

Registered office:

Plots 1-3, Block H

Oshodi Industrial Estate

Oshodi

Lagos State

Registrar:

First Registrar & Investors Services

2 Abebe Village Road

Iganmu

PMB 12692, Marina

Lagos

Auditor:

Deloitte & Touche

Civic Towers

Plot GA 1, Ozumba Mbadiwe Avenue,

Victoria Island

Lagos

www.deloitte.com.ng

Principal bankers:

Standard Chartered Bank Nigeria Limited

Zenith Bank Plc

United Bank of Africa

Rand Merchant Bank Nigeria Limited

First Bank of Nigeria Limited

First City Monument Bank Plc

Fidelity Bank Plc

Access Bank

i

Industrial and Medical Gases Nigeria Plc

Annual Report and Financial statements

For the year ended 31 December 2022

The year at a glance

% increase

2022

2021

/(decrease)

N'000

N'000

Revenue

5,338,879

3,699,230

44

Results from operating activities

689,814

495,540

39

Profit before income tax

704,386

552,197

28

Income tax expense

(256,043)

(180,177)

42

Profit for the year

448,343

372,020

21

Total comprehensive income for the year

448,343

372,020

21

Declared cash dividend during the year

-

208,122

(100)

Share capital

249,746

208,122

20

Total equity

3,501,418

3,053,075

15

Number of 50 kobo ordinary shares issued

499,493,646

416,244,706

20

Per 50k share data

Basic earnings per share (kobo)

90

89

1

Dividend per share:

- Declared during the year (kobo)

-

50

(100)

- Bonus shares (Number of shares)

1 for 5

-

100

Net assets per share (Naira)

7.01

7.33

(4)

Stock exchange quotation at end of year (Naira)

7.4

9.45

(22)

Market capitalisation at end of year (N:'000)

3,696,253

3,933,512

(6)

ii

Industrial and Medical Gases Nigeria Plc

Annual Report and Financial statements

For the year ended 31 December 2022

Directors' report

The directors present their report on the affairs of Industrial and Medical Gases Nigeria Plc ("the Company") together with the financial statements and the auditor's report for the year ended 31 December 2022.

  1. Legal status
    Industrial & Medical Gases Nigeria Plc (formerly known as BOC Gases Nigeria Plc hereinafter "the Company"), a public company quoted on the Nigerian Stock Exchange in 1979, was incorporated as a public limited liability company on 12 November 1959 under the name Industrial Gases (Nigeria) Limited. The name was changed on 10 July 1961 to Industrial Gases Limited and thereafter to BOC Gases Nigeria Plc on 17 March 1997. The Company was a subsidiary of BOC Holdings Limited, U.K., which held 60% interest in the equity of BOC Gases Nigeria Plc. The Company's registered office address is Plots 1-3, Block H, Oshodi Industrial Estate, Oshodi, Lagos. In August 2021, BOC Holdings UK sold 60% of all the company shares it owned to TY Holdings Limited. The purchase brings TY Holdings Limited's ownership of the Company to 72%, in addition to the 12% of the Company that it already owned prior to this transaction. This change led to the name of BOC Gases Nigeria Plc being changed to Industrial and Medical Gases Nigeria Plc in August 2021, along with a new logo and trademark. Industrial & Medical Gases Nigeria Limited celebrated its first anniversary as a wholly indigenous business in August 2022.
  2. Principal activities
    The Company engages in the manufacture of industrial and medical gases as well as the sale of special gases, welding and medical equipment.
  3. Operating results
    The following is a summary of the Company's operating results:

2022

2021

N'000

N'000

Revenue

5,338,879

3,699,230

Results from operating activities

689,814

495,540

Profit before income tax

704,386

552,197

Profit for the year

448,343

372,020

Total comprehensive income for the year

448,343

372,020

Retained earnings

3,251,672

2,844,953

4 Dividend

The directors have proposed a cash dividend of N0.40k (2021: a stock dividend of one for every five

shares) on the issued share capial of 499,493,646 (2021: 416,244,706).

iii

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Industrial and Medical Gases Nigeria plc published this content on 12 April 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 April 2023 16:19:05 UTC.