INDUSTRIAL AND MEDICAL GASES NIGERIA PLC
RC 2035
CONTENT PAGE | |
Page | |
Statement of Profit or Loss and Other Comprehensive Income | 1 |
Statement of Financial Position | 2 |
Statement of Cash Flows | 3 |
Statement of changes in equity | 4 |
Notes to the financial statements | 5-6 |
REPORT TO THE NIGERIAN STOCK EXCHANGE
Industrial & Medical Gases Nigeria plc
Condensed statement of comprehensive income
Unaudited | Unaudited | Unaudited | Audited | ||
Notes | Oct - Dec. 2022 | Jan - Dec. 2022 | Oct - Dec. 2021 | Jan- Dec 2021 | |
=N='000 | =N='000 | =N='000 | |||
Revenue | 15 | 1,526,417 | 5,338,880 | 941,598 | 3,699,230 |
Cost of sales | (749,513) | (2,491,849) | (410,950) | (1,677,381) | |
Gross profit | 776,904 | 2,847,031 | 530,648 | 2,021,849 | |
Other Income | 16 | 12,918 | 39,902 | 8,523 | 28,528 |
Other expenses | (4,398) | (15,361) | (2,284) | (10,774) | |
Selling and Distribution Expenses | 17 | (334,591) | (976,068) | (158,061) | (680,267) |
Administrative expenses | (254,572) | (1,231,536) | (276,935) | (863,797) | |
Operating profit | 196,261 | 663,968 | 101,891 | 495,539 | |
Finance income | 18 | 10,858 | 56,678 | 20,308 | 62,794 |
Finance cost | (30,038) | (30,038) | - | (6,137) | |
Profit before income tax | 177,082 | 690,609 | 122,199 | 552,196 | |
Income tax (provision) | (70,417) | (224,483) | (76,744) | (180,177) | |
Net Profit for the 12 months | 106,665 | 466,126 | 45,455 | 372,019 |
Other comprehensive income
Defined benefit plan actuarial gain
Tax on actuarial gain
Total comprehensive income for the 12 month
Basic and diluted earnings per share (kobo)
- | - | - | - |
- | - | - | - |
106,665 | 466,126 | 45,455 | 372,019 |
26 | 93 | 11 | 89 |
Industrial & Medical Gases Nigeria plc
Condensed statement of financial position
Un audited | Audited | |||
Jan- Dec. 2022 | Jan-Dec 2021 | |||
ASSETS | =N='000 | =N='000 | ||
Non current assets | ||||
Property, plant and equipment | 10 | 2,288,881 | 2,084,838 | |
Other tax assets | 34,047 | 34,047 | ||
2,322,928 | 2,118,885 | |||
Current assets | ||||
Inventories | 11 | 481,297 | 493,039 | |
Trade debtors and other receivables | 723,141 | 489,815 | ||
Prepayments | 1,851,529 | 189,132 | ||
Other tax assets | 267,760 | 287,856 | ||
Cash and cash equivalents | 1,106,663 | 2,017,284 | ||
4,430,390 | 3,477,126 | |||
Total assets | 6,753,318 | 5,596,011 | ||
Equity & liabilities | ||||
Equity | ||||
Share Capital | 249,747 | 208,122 | ||
General reserve | 3,269,020 | 2,844,517 | ||
Other reserves | 436 | 436 | ||
Total Equity | 3,519,203 | 3,053,075 | ||
Non current liabilities | ||||
Employee benefit liability | 12 | 19,925 | 19,925 | |
Deferred tax liabilities | 391,659 | 391,659 | ||
411,584 | 411,584 | |||
Current liabilities | ||||
Current tax liabilities | 379,603 | 325,394 | ||
Trade creditors | 394,734 | 431,920 | ||
Other creditors & accruals | 13 | 489,228 | 532,499 | |
Bank overdraft | 70,326 | - | ||
Loans and borrowings | 1,110,207 | - | ||
Provision | 86,764 | 56,764 | ||
Contract liability | 135,474 | 141,038 | ||
Dividend payable | 156,196 | 133,333 | ||
Amount due to related companies | 14 | - | 510,404 | |
2,822,531 | 2,131,352 | |||
Total liabilities | 3,234,115 | 2,542,936 | ||
Total equity and liabilities | 6,753,318 | 5,596,011 |
This financial statements were approved by the Board of Directors on 27 January 2023 and signed on its behalf by:
Industrial & Medical Gases Nigeria plc
Condensed statement of cash flows | ||||
Jan- Dec. 2022 | Jan-Dec 2021 | |||
=N='000 | =N='000 | |||
Cash flows from operating activities | ||||
Profit Before Income Tax | 663,968 | 495,539 | ||
Adjustments for non-cash items: | ||||
Depreciation | 290,669 | 270,012 | ||
Gain/loss from sales of fixed assets | 28,846 | (1,103) | ||
Working capital changes: | ||||
Inventories | 11,742 | (60,137) | ||
Trade and other receivables | (213,231) | (43,716) | ||
Trade and other payables | (37,186) | 178,307 | ||
Related companies accounts | (510,404) | - | ||
Prepayments | (1,662,397) | 137,106 | ||
Other current liabilities | 4,028 | 51,718 | ||
Right of use | - | 80,293 | ||
Lease liabilities | - | (108,600) | ||
Income tax paid | (170,273) | (84,278) | ||
Net cash from operating activities | (1,594,237) | 915,141 | ||
Cash flows from investing activities | ||||
Purchase of fixed assets | (611,414) | (187,782) | ||
Proceeds from sales of fixed assets | 87,856 | 1,118 | ||
Interest received | 56,678 | 62,794 | ||
Net cash from investing activities | (466,879) | (123,870) | ||
Cash flows from financing activities | ||||
Proceed from loans obtained | 1,180,533 | - | ||
Dividend paid | - | (412,557) | ||
Interest expense - lease | (30,038) | (4,782) | ||
Net cash from financing activities | 1,150,495 | (417,339) | ||
Net increase in cash and cash equivalent | (910,621) | 373,932 | ||
Cash and cash equivalent at 1 January | 2,017,284 | 1,643,352 | ||
Cash and cash equivalent at 31 December | 1,106,663 | 2,017,284 | ||
Industrial & Medical Gases Nigeria plc
Condensed statement of changes in equity
Share capital | Retained earnings | Total equity | |
Balance at 1 January | =N='000 | =N='000 | =N='000 |
Balance at 1 January 2022 | 208,122 | 2,844,953 | 3,053,075 |
Profit for the period | 466,126 | 466,126 | |
Other Comprehensive Income | - | - | |
Transactions with shareholders: | |||
Unclaimed dividend now statute barred | - | ||
Bonus shares declared | 41,625 | (41,625) | 0 |
Balance at 31 December 2022 | 249,747 | 3,269,454 | 3,519,201 |
Balance at 1 January 2021 | 208,122 | 2,671,118 | 2,879,240 |
Profit for the period | 372,019 | 372,019 | |
Other Comprehensive Income- Actuarial gain | 436 | 436 | |
Transactions with shareholders: | |||
Unclaimed dividend now statute barred | 9,502 | 9,502 | |
Dividends paid/declared | (208,122) | (208,122) | |
Balance at 31 December 2021 | 208,122 | 2,844,953 | 3,053,075 |
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Industrial and Medical Gases Nigeria plc published this content on 27 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 January 2023 14:59:09 UTC.