By Chinwendu Obienyi

The Board and Management of Industrial and Medical Gases Nigeria (IMG) Plc says it will continue to align its strategic objectives to keep production going despite the country’s harsh operating environment.

This is coming as global gas markets battle for survival amid the Ukraine- Russia war that has raised crude oil prices in the international market.

This was further exacerbated  by sanctions fromwestern economies on Russia which have tended to halting trade agreements, isolating the economy in various other capacities. However, Russia continues to be a very influential nation in many sectors of the world economy.

Russia is the second-largest exporter of crude oil in the world, making its oil supply a major determinant in the direction of crude oil prices. Also, it boasts of being one of the largest producers of natural gas and clean energy globally.

Speaking during the company’s 63rd Annual General Meeting in Lagos at the weekend, the Chief Executive Officer, Ayodeji Oseni, explained that despite the negative impact of the war on Nigerian economy, IMG’s strategic objectives will still position it 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.

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The 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 capitalize on opportunities in these sectors and boast our performance in 2022. “, Oseni said.

The meeting also witnessed shareholders’ approval of the company’s declaration of one bonus share for every five ordinary shares held by shareholders. The bonus shares underline the company’s strategic decision to reinvest its profit to build a stronger financial base in the near future.

Speaking on behalf of other shareholders, Mrs Bisi Bakare explained that shareholders were happy at the company’s good performance in all metrics.

“We shareholders are quite happy with IMG. Despite the challenges in the operating environment, the Company made profits all round. The bonus shares declared is even more than the dividend in value. This is commendable. We are so happy at the good performance, going by where the company is coming from. We believe the future of the Company is bright”, she said.

The company recorded another profitable year despite the myriads of challenges in 2021 among which include inadequate/expensive foreign exchange to maximize opportunities, plant breakdowns and increase in energy cost.

IMG’s total revenue for the period was N3.69 billion up from N3.17 billion achieved in 2020 while Profit after tax (PAT) for the year also rose to N372 million from the N292 million achieved in 2020.

According to the Chairman, IMG Plc, Abiodun Alabi, “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”.