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 | |
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.
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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. - 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. - 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.