Industrial Medicla Gases Nigeria Plc
QTR 3 FY 2024 Un audited Financial Statements
INDUSTRIAL & MEDICAL GASES NIGERIA PLC
RC 2035 | |
CONTENT PAGE | |
Page | |
Statement of Profit or Loss and Other Comprehensive Income | 2 |
Statement of Financial Position | 3 |
Statement of Cash Flows | 4 |
Statement of Equity | 5 |
Notes to the Financial Statement | 6-7 |
Industrial Medicla Gases Nigeria Plc
QTR 3 FY 2024 Un audited Financial Statements
REPORT TO THE NIGERIAN STOCK EXCHANGE
Industrial & Medical Gases Nigeria plc
Condensed statement of comprehensive income
Unaudited | Unaudited | Unaudited | Unaudited | Audited | ||
Not | Jul - Sep 2024 | Jan- Sep 2024 | Jul - Sep 2023 | Jan- Sep 2023 | Jan- Dec 2023 | |
=N='000 | =N='000 | =N='000 | ||||
Revenue | # | 2,536,503 | 6,182,120 | 1,501,068 | 4,226,617 | 6,064,773 |
Cost of sales | (1,399,035) | (3,263,463) | (847,764) | (2,040,844) | (3,213,083) | |
Gross profit | 1,137,468 | 2,918,657 | 653,304 | 2,185,773 | 2,851,690 | |
Other Income | # | 10,594 | 54,203 | 19,856 | 64,729 | 93,404 |
Other expenses | (7,212) | (28,238) | (7,308) | (19,715) | (32,070) | |
Gain/(Losses) on foreign exchange transactions | 2,807 | 1,205,099 | 178,579 | 53,112 | 502,898 | |
Selling and Distribution Expenses | # | (246,921) | (778,693) | (287,077) | (724,949) | (1,089,012) |
Credit loss expense on trade and other receivables | - | - | - | - | (68,870) | |
Administrative expenses | (446,805) | (1,153,334) | (251,131) | (715,050) | (984,372) | |
Operating profit | 449,931 | 2,217,694 | 306,222 | 843,900 | 1,273,668 | |
Finance income | # | 301,989 | 454,323 | 45,924 | 79,783 | 103,026 |
Finance cost | (281,010) | (428,727) | (8,972) | (109,722) | (129,671) | |
Profit before income tax | 470,910 | 2,243,290 | 343,174 | 813,961 | 1,247,023 | |
Income tax (provision) | (449,556) | (675,254) | (103,902) | (249,624) | (394,270) | |
Net Profit for the 9 months | 21,354 | 1,568,036 | 239,272 | 564,337 | 852,753 | |
Other comprehensive income
Defined benefit plan actuarial gain
Tax on actuarial gain
Total comprehensive income for the 9 months
Basic and diluted earnings per share (kobo)
No of ordinary shares
- | - | - | - | |
- | - | - | - | |
21,354 | 1,568,036 | 239,272 | 564,337 | 852,753 |
4 | 314 | 48 | 113 | 171 |
499,494,000 | 499,494,000 | 499,494,000 | 499,494,000 | 499,494,000 |
The Board believes that barring any unforeseen negative circumstances, the performance shall be sustained.
Industrial Medicla Gases Nigeria Plc
QTR 3 FY 2024 Un audited Financial Statements
Industrial & Medical Gases Nigeria plc
Condensed statement of financial position
Un audited | Audited | ||||
Jan-Sep 2024 | Jan-Dec 2023 | ||||
ASSETS | =N='000 | =N='000 | |||
Non current assets | |||||
Property, plant and equipment | 10 | 6,490,170 | 2,865,670 | ||
Other tax assets | 19,372 | 19,372 | |||
6,509,541 | 2,885,042 | ||||
Current assets | |||||
Inventories | 11 | 872,565 | 673,405 | ||
Trade debtors and other receivables | 1,380,544 | 1,075,009 | |||
Prepayments | 512,552 | 347,380 | |||
Other tax assets | 212,795 | 125,138 | |||
Cash and cash equivalents | 5,503,323 | 2,288,304 | |||
8,481,779 | 4,509,236 | ||||
Total assets | 14,991,321 | 7,394,278 | |||
Equity & liabilities | |||||
Equity | |||||
Share Capital | 249,746 | 249,746 | |||
General reserve | 5,252,451 | 3,934,161 | |||
Total Equity | 5,502,197 | 4,183,907 | |||
Non current liabilities | |||||
Employee benefit liability | 12 | 34,823 | 34,823 | ||
Deferred tax liabilities | 562,165 | 562,165 | |||
Loans and borrowings | 5,530,679 | - | |||
6,127,667 | 596,988 | ||||
Current liabilities | |||||
Current tax liabilities | 702,077 | 198,355 | |||
Trade payables | 1,244,447 | 1,040,162 | |||
Other Creditors & Accrual | 13 | 1,223,844 | 878,921 | ||
Loans and borrowings | 360,463 | ||||
Provision | 96,764 | 56,764 | |||
Contract liability | 94,325 | 78,718 | |||
3,361,458 | 2,613,383 | ||||
Total liabilities | 9,489,125 | 3,210,371 | |||
Total equity and liabilities | 14,991,321 | 7,394,278 | |||
This financial statements were approved by the Board of Directors on | 25 October 2024 and signed by | ||||
on its behalf by: |
Industrial Medicla Gases Nigeria Plc
QTR 3 FY 2024 Un audited Financial Statements
Industrial & Medical Gases Nigeria plc
Condensed statement of cash flows
Jan-Sep 2024 | Jan-Dec 2023 | |||
=N='000 | =N='000 | |||
Cash flows from operating activities | ||||
Profit Before Income Tax | 2,243,290 | 1,247,023 | ||
Adjustments for non-cash items: | ||||
Depreciation | 251,468 | 343,549 | ||
(Gain)/Loss on sale of property, plant and equipment | (11,847) | (11,099) | ||
Finance Income | (454,323) | (103,026) | ||
Finance cost | 428,727 | 129,671 | ||
Provision | 40,000 | 25,000 | ||
Withholding tax credit | (77,708) | |||
Working capital changes: | ||||
Inventories | (199,160) | (274,198) | ||
Trade and other receivables | (305,535) | (358,175) | ||
Related party receivables | - | 1,591,979 | ||
Other tax assets | (87,657) | 159,382 | ||
Prepayments | (165,172) | (126,541) | ||
Trade and other payables | 204,285 | 675,813 | ||
Contract liability | 15,607 | (56,756) | ||
Other Current Liabilities | 375,611 | 229,598 | ||
Income tax paid | (93,824) | (193,837) | ||
Net cash from operating activities | 2,163,762 | 3,278,383 | ||
Cash flows from investing activities | ||||
Purchase of fixed assets | (3,875,967) | (932,830) | ||
Proceeds from sales of fixed assets | 11,847 | 65,480 | ||
Interest received | 454,323 | 103,026 | ||
Net cash from investing activities | (3,409,797) | (764,324) | ||
Cash flows from financing activities | ||||
Repayment of Commercial Paper | - | (1,099,128) | ||
Interest paid on Commercial Papers | - | (99,141) | ||
Intercompany loan received | 5,500,000 | 600,000 | ||
Repayment of intercompany loan | (360,463) | (250,000) | ||
Interest paid on Intercompany loan | (428,727) | (20,067) | ||
Dividend paid | (249,746) | (157,031) | ||
Net cash from financing activities | 4,461,064 | (1,025,367) | ||
Net increase in cash and cash equivalent | 3,215,029 | 1,488,692 | ||
Cash and cash equivalent at 1 January | 2,288,304 | 1,002,086 | ||
Effect of Foreign exchange on cash and cash equivalent | - | (202,474) | ||
Cash and cash equivalent at 31 December | 5,503,334 | 2,288,304 | ||
Industrial Medicla Gases Nigeria Plc
QTR 3 FY 2024 Un audited Financial Statements
Industrial & Medical Gases Nigeria plc
Condensed statement of changes in equity
For the Period ended Sep 30, 2024
Share capital | Retained earnings | Total equity | |
=N='000 | =N='000 | =N='000 | |
Balance at 1 January 2024 | 249,746 | 3,934,161 | 4,183,907 |
Comprehensive income for the period | |||
Profit for the period | 1,568,036 | 1,568,036 | |
Other Comprehensive Income | - | - | |
Transactions with shareholders: | |||
Unclaimed dividend now statute barred | - | ||
Bonus Issue Declared | |||
Dividends paid/declared | (249,746) | (249,746) | |
Balance at 30 September 2024 | 249,746 | 5,252,451 | 5,502,197 |
For the Period ended December 31, 2023 | |||
Balance at 1 January 2023 | 249,746 | 3,251,672 | 3,501,418 |
Comprehensive income for the period | |||
Profit for the period | 852,753 | 852,753 | |
Other Comprehensive Income- Actuarial gain | |||
Transactions with shareholders: | |||
Unclaimed dividend now statute barred | 29,533 | 29,533 | |
Dividends paid/declared | - | (199,797) | (199,797) |
Balance at 31st December,2024 | 249,746 | 3,934,161 | 4,183,907 |
Industrial Medicla Gases Nigeria Plc
QTR 3 FY 2024 Un audited Financial Statements
Notes to the condensed financial statements
1. Statement of compliance
These condensed financial statements for the nine months have been prepared in accordance with the recognition and measurement criteria of International Financial Reporting Standards (IFRS), the presentation as well as disclosure requirements of IAS 34 Interim Financial Reporting and the Company and Allied Matters Act as amended
1b.Securities Trading Policy
In compliance with Rule 17.15 Disclosure of Dealings in Issuers' Shares, Rulebook of The Exchange 2015 (Issuers' Rule),
Industrial & Medical Gases Nigeria Plc maintains a Security Trading Policy (Policy) which guides Directors, Audit Committee members, employees and all individuals categorized as insiders in relation to their dealings in the Company's shares.
The Policy undergoes periodic review by the Board and is updated accordingly. The Company has made specific inquiries of all its directors and other insiders and is not aware of any infringement of the Policy during the period.
2. Basis of preparation
The financial statements are prepared in thousands of Nigerian Naira on the historical cost basis
3. Accounting policies
The financial statements have been prepared applying the same accounting policies as used in the last audited financial statements for the year ended 31 December 2023
4. Unusual items
There were no unusual items within the period
5. Changes in estimates
There were no material changes in estimates made, between the last quarter interim report and the current report
6. Debt and equity transactions
A dividend in respect of the year ended 31 December 2023 of 50 kobo per share amounting to N249.747 million was decleared at the annual general meeting held on 28 June 2024.
7. Contingent liabilities
As at the date of publishing this report, there are no contingent liabilities against the company
8. Changes in the composition of the company
No changes in the composition of the company took place between December 2023 and the time of filing this report
9.Significant accounting policies
The accounting policies set out below have been applied consistently to all periods presented in these financial statements. (a)Foreign currency transactions - Transactions in foreign currencies are translated to Naira at the exchange rates at the dates of the transactions.
(b)Property, plant and equipment - Items of property,plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.
(c)Inventories - Inventories are measured at the lower of cost and net realisable value.The cost of inventories includes expenditure incurred in acquiring the inventories,production or conversion costs and other costs incurred in bringing them to their present location and condition.
-
Employee Benefits - In compliance with the Pension Refor, Act, the Company maitains a defined contribution scheme for all its employees.The company also has long service awards scheme instituted for all permanent employees.
(e)Revenue - Revenue is measured at the fair value of the consideration received or receivable, net of Value Added Tax, discounts allowed and rebates in the ordinary course of business.
- Operating profit - Operating profit is the result generated from the continuing principal revenue producing activities of the Company as well as other income and expenses related to operating activities.Operating profit excludes net finance costs and income taxes
(g)Finance income comprises interest income on funds invested. Interest income is recognised in profit or loss as it accrues, using the effective interest method. Finance costs comprise unwinding of the discount on provisions and interest expenses on borrowings (except interest expenses that are directly attributable to the acquisition, construction or production of a qualifying asset which are capitalised as part of the related assets) and are recognised in profit or loss using the effective interest method
(h)Income tax -Income tax expense comprises current tax - company income tax and tertiary education tax, and deferred tax.
10. Property,Plant & Equipment | Jan-Sep 2024 | Jan-Dec 2023 |
=N='000 | =N='000 | |
Land | 2,542 | 2,542 |
Buildings | 82,473 | 90,284 |
Plant & machinery | 1,258,367 | 1,359,597 |
Motor Vehicle | 281,184 | 342,959 |
Furniture & fittings | 25,581 | 25,834 |
Cylinders | 419,156 | 447,822 |
WIP | 4,420,867 | 596,632 |
6,490,170 | 2,865,670 | |
11. Inventories | ||
Raw materials | 78,678 | 74,084 |
Spares and consumables | 350,875 | 216,419 |
Finished goods | 443,012 | 382,902 |
Goods-in-transit | - | - |
872,565 | 673,405 | |
12.Employee benefit liability | ||
The long service award benefit plan | 34,823 | 34,823 |
13. Other payables & Accrual | ||
Dividend payable | 154,200 | 125,807 |
Statutory deductions( VAT, WHT & PAYE Payable) Agency and cylinder deposit
Leave allowance payable Accrued expenses
14. Group Current Account IMG due to TY Holdings
15.Revenue Gas sales Engineering services Sales of gas equipment Delivery charges revenue
Rental Income on Gas equipment
16.Other income
Income from hire of genset
(Loss)/Gain on sale of property, plant and equipment Recovery of withholding tax previously written-off Gain on sale of scrap
Insurance Claim
17.Selling & Distribution Selling expenses Distribution expenses
18.Finance Income and finance cost (a)Finance income comprises
Interest income on bank deposits
Net gain on foreign exchange transactions
(b)Finance expenses comprises Interest expense on lease liabilities Interest cost on intercompany loan Interest cost on Commercial Paper
Industrial Medicla Gases Nigeria Plc
QTR 3 FY 2024 Un audited Financial Statements
78,81321,871
274,229291,892
9,7579,758
706,845429,593
1,223,844878,921
5,530,679.00360,463
5,530,679360,463
Jul-Sep 2024 | Jan - Sep 2024 | Jul-Sep 2023 | Jan - Sep 2023 | Jan-Dec 2023 |
2,452,524 | 5,966,632 | 1,402,513 | 4,017,048 | 5,724,926 |
48,009 | 60,698 | 2,467 | 22,574 | 44,927 |
3,200 | 12,795 | 4,224 | 9,154 | 14,038 |
8,861 | 59,092 | 34,730 | 62,875 | 106,107 |
23,909 | 82,903 | 57,134 | 114,967 | 174,775 |
2,536,503 | 6,182,120 | 1,501,068 | 4,226,617 | 6,064,773 |
8,835 | 32,468 | 12,852 | 45,425 | 60,482 |
- | 11,847 | 90 | 10,972 | 11,098 |
- | - | |||
1,759 | 9,888 | 6,914 | 8,332 | 8,453 |
13,371 | ||||
10,594 | 54,203 | 19,856 | 64,729 | 93,404 |
(83,426) | (268,230) | (82,514) | (221,938) | (391,144) |
(163,495) | (510,463) | (204,564) | (503,011) | (697,868) |
(246,921) | (778,693) | (287,077) | (724,949) | (1,089,012) |
301,989 | 454,323 | 45,924 | 79,783 | 103,026 |
2,807 | 1,205,099 | 178,579 | 53,112 | 502898 |
304,796 | 1,659,422 | 224,503 | 132,895 | 605,924 |
- | - | - | - | - |
(281,010) | (428,727) | - | (8,027) | (30,530) |
- | - | (945) | (101,695) | (99,141) |
(281,010) | (428,727) | (945) | (109,722) | (129,671) |