Theophilus Yakubu Danjuma’s IMG records $11.6 million in revenue

Industrial and Medical Gases Nigeria Plc (IMG), the Nigerian industrial and medical gas manufacturer majority-owned by successful businessman Theophilus Yakubu Danjuma, posted a remarkable financial performance for its 2022 fiscal year.

According to its recently published financial statement, the company experienced a substantial 44.3-percent rise in revenue, soaring from N3.69 billion ($8.03 million) in 2021 to an impressive N5.34 billion ($11.62 million) in the present year. The significant surge in revenue was mainly attributed to the double-digit growth in gas sales throughout the year.

This impressive revenue surge delivered by IMG in its 2022 fiscal year translated into substantial profit gains.

The company’s pre-tax profit soared by 27.6 percent from N552.2 million ($1.2 million) to N704.39 million ($1.53 million), while its profit after tax surged by 20 percent from N372 million ($810,000) to N448.34 million ($975,700).

Formerly known as BOC Gases Nigeria Plc, IMG is a prominent manufacturer and distributor of gases in Nigeria catering to the industrial and medical sectors.

The company’s product line includes argon, nitrogen, carbon dioxide, and oxygen, along with welding products and a diverse range of medical equipment.

Danjuma, a Nigerian multimillionaire businessman and philanthropist, holds a significant 72-percent stake in IMG, cementing his position as the majority owner of the firm.

Danjuma’s impressive portfolio and substantial investment in the Nigerian Exchange further solidify his status as one of the country’s most affluent and astute investors.

The impressive financial results have propelled the group’s total assets to a remarkable increase of N6.78 billion ($14.75 million) by the end of the 2022 fiscal year, up from N5.59 billion ($12.16 million) in 2021.

Retained earnings also grew from N2.84 billion ($6.17 million) to N3.25 billion ($7.07 million), reflecting the group’s steady financial progress.

As a result, the directors have recommended a cash dividend payout of N0.40 ($0.00087) per share to the group’s shareholders.

With Danjuma owning a majority stake of 72 percent in IMG, the total dividend payout is expected to reach an impressive N199.8 million ($434,700).