Plc unaudited financial statement for the period ended 30 june 2025

INDUSTRIAL & MEDICAL GASES NIGERIA PLC

RC 2035

Page

2

Statement of Financial Position

3

Statement of Cash Flows

4

Statement of Equity

5

Note to the Account

6-7

Free Float

8

Industrial & Medical Gases Nigeria plc

Condensed statement of financial position

ASSETS

Non current assets

Property, plant and equipment

9

Other tax assets

7,139,914

12,793

7,152,707

Current assets

Inventories

10

889,064

908,320

Trade debtors and other receivables

1,073,623

1,226,683

Prepayments

1,122,420

570,473

Other tax assets

354,010

211,226

Cash and cash equivalents

4,284,069

5,156,688

7,723,186

8,073,390

Equity & liabilities

Equity

Share Capital

General reserve

Total Equity

249,746

5,741,694

5,991,440

249,746

5,664,806

5,914,552

Non current liabilities

Employee benefit liability

11

32,636

Deferred tax liabilities

330,885

363,521

32,637

330,885

363,522

Current liabilities

Current tax liabilities

384,251

1,078,326

Trade & Other payables

12

2,457,522

2,066,274

Loans and borrowings

5,421,767

5,329,104

Contract liability

257,392

126,614

8,520,932

8,600,318

Total liabilities

8,884,453

8,963,840

Total equity and liabilities

14,875,893

14,878,392

This financial statements were approved by the Board of Directors on 24 July 2025 and signed by

on its behalf by:

Un audited

Jan-Jun 2025

=N='000

Audited

Jan-Dec 2024

=N='000

6,790,015

14,986

6,805,001

Industrial & Medical Gases Nigeria plc

Condensed statement of cash flows

Cash flows from operating activities

Profit Before Income Tax

Jan-Jun 2025

Jan-Dec 2024

=N='000

=N='000

726,704

2,442,962

Adjustments for non-cash items:

Depreciation

(Gain)/Loss on sale of property, plant and equipment

Finance Income

Finance cost

Provision

157,336

-

(586,549)

670,435

-

344,414

(22,132)

(16,847)

17,632

-

Working capital changes:

Inventories

Trade and other receivables

Related party receivables

Other tax assets

Prepayments

Trade and other payables

Contract liability

Other Current Liabilities

19,256

153,060

-

(140,586)

(551,947)

84,315

130,778

-

(235,774)

(120,122)

-

(86,088)

(223,093)

(101,467)

47,897

(60,015)

Cash flows from investing activities

Purchase of fixed assets

Proceeds from sales of fixed assets

Interest received

Net cash from investing activities

(507,235)

-

586,549

79,314

(3,430,704)

22,132

16,847

(3,391,725)

-

-

-

-

(670,435)

Cash flows from financing activities

Repayment of Commercial Paper

Interest paid on Commercial Papers

Intercompany loan received

Repayment of intercompany loan

Interest paid on Intercompany loan

Dividend paid

Net cash from financing activities

-

-

5,500,000

(350,000)

(706,559)

(196,441)

4,247,000

Net increase in cash and cash equivalent

Cash and cash equivalent at 1 January

Effect of Foreign exchange on cash and cash equivalent

Cash and cash equivalent at 31 December

(872,619)

5,156,688

-

4,284,069

2,748,817

2,288,304

119,567

5,156,688

Industrial & Medical Gases Nigeria plc

Condensed statement of changes in equity

Share capital

Capital contribution

Retained earnings

Total equity

=N='000

=N='000

=N='000

=N='000

Balance at 1 January 2025 249,746

357,651

5,307,159

5,914,556

Comprehensive income for the period

Profit for the period

Other Comprehensive Income

Total comprehensive income for the period

476,479

-

476,479

-

Transactions with shareholders:

Unclaimed dividend now statute barred

-

Bonus Issue Declared

Dividends paid/declared

(399,595)

(399,595)

Balance at 30 June 2025

249,746

357,651

5,384,043

5,991,440

Balance at 1 January 2024

249,746

3,934,161

4,183,907

Profit for the period

1,622,740

1,622,740

Other Comprehensive Income- Actuarial gain

-

Transactions with shareholders:

-

Capital Contribution

357,651

357,651

Unclaimed dividend now statute barred

-

-

Dividends paid/declared

-

(249,747)

(249,747)

Balance at 31st December,2024

249,746

357,651

5,307,155

5,914,552

1. Statement of compliance

These condensed financial statements for the six 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 2024

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 2024 of N.80k per share amounting to N399.595million was decleared at the annual general meeting held on 20 June 2025. And a bonus issue of 1 share for every 10 units of share held by the shareholders.

7. Contingent liabilities

As at the date of publishing this report, there are no contingent liabilities against the company

8.Significant accounting policies

The accounting policies set out below have been applied consistently to all periods presented in these financial statements.

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.

(d) Employee Benefits - The Company has a defined contribution scheme for junior level employees,which is funded through fixed contributions made by the Company over the service life of the employees and charged accordingly as personnel expense in profit or loss.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 ValueAdded Tax, discounts allowed and rebates in the ordinary course of business.

(f) 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 and net gains on foreign exchange differences.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.

Jan-Jun 2025

Jan-Dec 2024

=N='000

=N='000

2,136

2,542

426,584

431,384

1,117,731

1,211,057

228,566

262,353

23,479

29,590

393,099

411,638

4,948,319

4,441,451

7,139,914

6,790,015

Land

Buildings

Plant & machinery

Motor Vehicle

Furniture & fittings

Cylinders

WIP

10. Inventories

Raw materials

Spares and consumables

Finished goods

Goods-in-transit

107,776

114,105

318,701

403,451

462,587

390,764

-

-

889,064

908,320

11.Employee benefit liability

The long service award benefit plan

32,637

32,637

12. Other payables & Accrual

Trade Payable

Dividend payable

Statutory deductions( VAT, WHT & PAYE Payable)

Agency and cylinder deposit

Leave allowance payable

Accrued expenses

674,458

1,067,007

513,997

154,138

305,809

134,607

277,555

272,461

9,758

9,758

675,944

428,303

2,457,522

2,066,274

13. Group Current Account

IMG due to TY Holdings

5,421,767

5,329,104

5,421,767

5,329,104

14.Revenue

Gas sales

Engineering services

Sales of gas equipment

Delivery charges revenue

Rental Income on Gas equipment

Apr-Jun 2025

Jan - Jun 2025

Apr-Jun 2024

Jan - Jun 2024

Jan-Dec 2024

2,076,903

4,172,250

2,023,930

3,514,108

8,007,869

32,157

60,947

3,609

12,689

80,646

4,311

10,517

2,820

9,595

20,164

5,216

8,751

23,870

50,231

63,375

75,149

75,149

22,736

58,994

204,127

2,193,735

4,327,613

2,076,965

3,645,617

8,376,181

-

22,132

15.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

27,676

49,688

10,902

23,633

-

-

-

11,847

-

-

676

33,621

-

8,129

17.Finance Income and finance cost

(a)Finance income comprises

Interest income on bank deposits

Net gain on foreign exchange transactions

286,206

586,549

142,137

146,420 16,847

-

-

286,206

586,549

142,137

146,420 16,847

(b)Finance expenses comprises

Interest expense on lease liabilities

Interest cost on intercompany loan

Interest cost on Commercial Paper

-

-

-

-

-

318,699

670,435

(135,676)

(147,717)

(23,794)

-

-

-

-

-

318,699

670,435

(135,676)

(147,717)

(23,794)

28,352

83,309

10,902

43,609 32,392

16.Selling & Distribution

Selling expenses

Distribution expenses

(124,981)

(230,310)

(58,555)

(184,804)

-

(208,302)

(330,008)

(159,682)

(355,098)

(1,146,481)

(333,283)

(560,318)

(218,236)

(539,901)

(1,146,481)

Description

30-Jun-25

30-Jun-24

Unit

Percentage

Unit

Percentage

Issued Share Capital

499,493,647

100%

499,493,647

100%

Substantial Shareholdings (5% and above)

TY Holdings Limited

358,001,868

71.67%

357,881,869

71.65%

0

0.00%

0

0.00%

0

0.00%

0

0.00%

0

0.00%

0

0.00%

Total Substantial Shareholdings

358,001,868

71.67%

357,881,869

71.65%

Directors' Shareholdings (direct and indirect), excluding directors with substantial interests

Mr. Oyedele Oyeniyi Olawale

10,709,822

2.14%

10,709,824

2.14%

Mr. Adeshina Alayaki

0

0.00%

90,000

0.02%

Mr. Adebayo Adeleke

10,634

0.00%

110,634

0.02%

Mr. Ayodeji Oseni

23,457

0.00%

23,457

0.00%

0

0.00%

0

0.00%

0

0.00%

0

0.00%

Total Directors' Shareholdings

10,743,913

2.15%

10,933,915

2.19%

Other Influential Shareholdings

0

0.00%

0

0.00%

0

0.00%

0

0.00%

Total Other Influential Shareholdings

0

0.00%

0

0.00%

Free Float in Units and Percentage

130,747,866

26.18%

130,677,863

26.16%

Free Float in Value

₦ 4,366,978,724.40

₦ 1,202,236,339.60