JUST IN: IMG Net Profit Increases By 27% In 2021—-Industrial and Medical Gases Nigeria (IMG) Plc, a leading manufacturer of gases, has declared a net profit of N372 million for 2021 financial year.
The profit represented an increase of 27 per cent when compared with N292 million achieved in 2020.
IMG Chairman, Mr Abiodun Alabi, made the disclosure at its hybrid 63rd Annual General Meeting (AGM) on Friday in Lagos.
Its shareholders also endorsed the declaration of one bonus share for every five ordinary shares.
Alabi, represented by IMG Non-Executive Director, Mr Adebayo Adeleke, said the bonus shares underlined the company’s strategic decision to reinvest its profit to build a stronger financial base in the nearest future.
He, reviewing the industrial gas market, noted that in spite of the inclement operating environment, the company posted remarkable profits.
He said some of the challenges in 2021 were inadequate/expensive foreign exchange to maximise opportunities, plant breakdowns and increase in energy cost.
“Total revenue for the period was N3.69 billion up from N3.17 billion achieved in 2020 while profit after tax for the year also rose to N372 million from the N292 million achieved in 2020.
“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 our bottom line.”, he said.
Its Managing Director, Mr Ayodeji Oseni, explained that the company’s strategic objectives were to position for global competitiveness and enhanced shareholder value through 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.
“Management and staff will continue to focus our efforts and resources on the growth opportunities within the food and beverage, oil and gas, healthcare, energy, and agricultural sectors of the Nigerian economy.
“As an organisation, we will continue to position our business to capitalide on opportunities in these sectors and boast our performance in 2022,” he said.
Meanwhile, shareholders of the company gave their commendations over its performance in the face of the tough operating environment.
Speaking on behalf of other shareholders, Mrs Bisi Bakare said that they were happy at the company’s good performance in all metrics.
“We are quite happy with IMG because with the challenges in the operating environment, the company made profits all round.
“The bonus shares declared is even more than dividend in value and this is commendable, going by where the company is coming from.
“We believe the future of the company is bright,” she said.
Newsmen reports that recent divestment of Linde Group from the company and acquisition of its 60 per cent holding by T.Y. Holdings, increased the Holding’s stake to 72 per cent.
The development led to the change of the company’s name from BOC Gases to IMG as part of brand positioning
JUST IN: Nigeria Felicitates #OPEC At 63
JUST IN: Nigeria Felicitates #OPEC At 63—Nigeria has congratulated the Organisation of the Petroleum Exporting Countries (OPEC) at 63.
This is contained in a statement made available to the News Agency of Nigeria (NAN) in Abuja, by the Permanent Secretary, Ministry of Petroleum Resources, Amb. Gabriel Aduda .
He said OPEC had made significant strides in energy governance and the transformative impact of petroleum supply worldwide, over the past six decades.
Aduda, who is also Nigeria’s Governor at OPEC, recalled that on September 14, 1960, at the Al-Shaab Hall, in Iraq, heads of delegation from five founding nations, united to establish what is called OPEC today.
He said OPEC had eventually become a formidable force, revolutionising the history of global oil production and exports.
“The resolute actions and unwavering commitment of OPEC have left an indelible mark on history, exemplifying the value of perseverance and the relentless pursuit of results.
“As we celebrate the birth of this remarkable idea and the immense progress made by OPEC over the past 63 years, Nigeria takes great pride in joining the global community in honoring this occasion.
“On behalf of President Bola Tinubu, and the wonderful people of our beloved nation, Nigeria, I extend heartfelt congratulations to management and members of OPEC on this auspicious commemoration of OPEC’s 63 years of progress,” Aduda said.
Continuing, he said “Undoubtedly, our nation stands proudly alongside OPEC, acknowledging the significant strides made in energy governance and the transformative impact of petroleum supply worldwide over the past six decades.
“On this momentous occasion, we, the people of Nigeria, join our OPEC counterparts and the global community in fervent prayer, echoing the sentiments of the OPEC Secretariat, for even greater prosperity and success in the days and years ahead”.
Aduda said OPEC, and non members had maintained a commendable status as an intergovernmental organisation at the United Nations and worldwide.
“Alongside our fellow members and non-OPEC countries, OPEC has consistently championed lofty ideals and objectives aimed at advancing sustainable development goals through energy provision and environmental preservation.
“Through extensive cooperation with non-OPEC oil-producing nations, OPEC has continued to make informed decisions in fostering market stability within the global energy sector,” he said.
JUST IN: Appeal Court Nullifies Sale Of Intercontinental Hotel, Orders Return To Milan Group
JUST IN: Appeal Court Nullifies Sale Of Intercontinental Hotel, Orders Return To Milan Group—The Court of Appeal Lagos Division has nullified the sale of Intercontinental Hotels, Lagos by Polaris Bank and Asset Management Corporation of Nigeria, and ordered a return of the facility to the original owner, the Milan Industries Ltd.
In a unanimous judgment in suit No CA/LAG/CV/476/2021 delivered by three Justices of the Appeal Court: Jimi Olukayode Bada, who read the lead judgment; Muhammad Ibrahim Sirajo and Peter Oyinkenimiemi Affen, the appellate court ruled that Milan Industries Ltd had fully paid the bank the Two Billion Naira (N2Billion) mortgage facility it secured from Polaris Bank before the hotel was taken over and sold by AMCON and the bank.
The bank, which was then known as Skye Bank had put the management of the five-star hotel under the receivership of Mr. Kunle Ogunba, an arrangement that was nullified by a Federal High Court in Lagos. Despite this, the bank went ahead and sold the hotel to another company, 11 PLC, a move that was challenged at the Appeal Court by the lawyers to Milan Industries Ltd, Messrs Ahmed Raji SAN and Tunde Kasunmu of Prof A.B Kasunmu SAN chambers.
It will be recalled that Milan Industries Ltd had taken a facility from Skye Bank to part finance the five-star hotel located in Victoria Island, Lagos and managed by IHG.
The Milan Group, has up till 2021 to pay back the facility but in a curious move, the bank obtained an interim order to take over the management of the hotel, an order that was vacated when the suit was struck out by the court on March 20th 2018. According to the Certified True Copy of the judgment signed and released on Wednesday by the Senior Registrar of the court, A. G. Balogun, the appellate court held that the two issues Milan Industries as Appellant/Cross Respondent was contesting were resolved in its favour.
According to the lead judgment by Justice Jimi Bada, “With the resolution of Issues No. 1 and 2 in favour of the Cross Respondent and against the Cross Appellants (Polaris Bank, AMCON and 11 PLC), it is my view that this cross appeal lacks merit and it is hereby dismissed.” While agreeing with the lead judgment, another member of the appeal court panel, Justice Ibrahim Sirajo stated that “the appellant insisted that it had paid over Two Billion Naira in liquidating the facility and that as at the time the 1st respondent (Polaris Bank) entered into agreement to sell the appellant’s secured asset to the 2nd respondent (AMCON), there was no collaterized and secured asset to sell to the 2nd respondent.
It was also the case of the appellant that at the time the 2nd respondent sold the appellant’s Intercontinental Hotel to the 3rd respondent, the appellant had discharged its obligation under the legal mortgage by paying the amount secured by the property.”
To buttress his position, Justice Sirajo ruled that “I adopt his lordship’s reasoning and conclusion in the leading judgment as mine in also allowing the appeal. I abide by all the orders made in the leading judgment including that of the costs.
” While also concurring with the lead judgment by Justice Bada, the third member of the appeal panel, Justice Peter Affen said “the judicial reasoning and conclusions reached on the issues raised accord with mine, and I hereby affirm my agreement with the leading judgment which allowed the main appeal and dismissed the cross appeal. I equally abide by the orders on the costs.”
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