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 |
Industrial & Medical Gases Nigeria plc | |||
Condensed statement of comprehensive income | |||
Notes Revenue 14 Cost of sales Gross profit Other Income 15 Other expenses Gain/(Losses) on foreign exchange transactions Selling and Distribution Expenses 16 Credit loss expense on trade and other receivables Administrative expenses Operating profit Finance income 17 Finance cost Profit before income tax Income tax (provision) | Unaudited Jan- Mar 2026 =N='000 2,142,752 (1,071,699) | Unaudited Jan- Mar 2025 2,133,878 (1,086,726) | Audited Jan- Dec 2025 =N='000 8,375,402 (4,304,115) |
1,071,053 17,881 (9,297) (9,710) (238,111) -(498,009) | 1,047,152 54,957 (12,420) (21,980) (227,035) (391,181) | 4,071,287 112,079 (43,728) (109,937) (931,360) (55,836) (1,574,759) | |
333,807 72,854 - | 449,493 300,343 (351,736) | 1,467,746 48,350 (6,253) | |
406,661 (121,428) | 398,100 (126,806) | 1,509,843 (519,990) | |
Net Profit for the 3 months 285,233 271,294 989,853 | |||
Basic and diluted earnings per share (kobo) 57 54 198 No of ordinary shares 731,064,000 731,064,000 731,064,000 | |||
Industrial & Medical Gases Nigeria plc | Audited Jan-Dec 2025 =N='000 9,668,227 10,600 |
Condensed statement of financial position Unaudited Jan-Mar 2026 ASSETS =N='000 Non current assets Property, plant and equipment 9 9,782,487 Right of Use Assets 9,503 | |
9,791,990 | 9,678,827 |
Current assets Inventories 10 786,780 Trade debtors and other receivables 1,518,093 Prepayments 891,681 Other tax assets 320,900 Cash and cash equivalents 2,362,458 | 791,916 1,051,692 738,647 260,995 2,275,049 |
5,879,912 | 5,118,299 |
Total assets 15,671,902 14,797,126 | |
Equity & liabilities Equity Share Capital 365,532 General reserve 11,760,151 Total Equity 12,125,683 Non current liabilities Employee benefit liability 11 33,417 Deferred tax liabilities 292,249 325,666 Current liabilities Current tax liabilities 706,877 Trade & Other Payables 12 2,149,852 Loans and borrowings 13 135,666 Contract liability 228,158 3,220,553 Total liabilities 3,546,219 | 365,532 11,474,918 |
11,840,450 | |
33,417 292,249 | |
325,666 | |
585,449 1,769,375 135,666 140,520 | |
2,631,010 | |
2,956,676 | |
Total equity and liabilities 15,671,902 14,797,126 | |
This unaudited financial statements were approved by the Board of Directors on April 27, 2026 and signed on it behalf by: | |
Industrial & Medical Gases Nigeria plc |
Condensed statement of cash flows Jan-Mar 2026 Jan-Dec 2025 =N='000 =N='000 Cash flows from operating activities Profit Before Income Tax 406,661 1,509,843 Adjustments for non-cash items: Depreciation 72,313 306,576 Loss/(gain) on sale of property, plant and equipment - 215 Finance Income (72,854) (48,350) Finance cost - - Provision - - Working capital changes: Inventories 5,136 140,832 Trade and other receivables (466,401) 171,571 Related party receivables - - Other tax assets (58,809) (151,650) Prepayments (153,034) (168,174) Trade and other payables - (384,064) Contract liability 87,638 13,906 Trade and other payables 382,378 - Income tax paid - (945,236) Net cash from operating activities 203,028 445,469 Cash flows from investing activities Purchase of fixed assets (186,573) (3,242,537) Proceeds from sales of fixed assets - - Principal amount liquidated from short term deposit 5,418,832 Additional investment to short term deposit (28,161) Interest received 72,854 48,350 Net cash from investing activities (113,719) 2,196,484 Cash flows from financing activities Transaction cost of right issue - (118,587) Right Issue - 311,879 Intercompany loan received - - Principal repayment of intercompany loan - - Interest paid on intercompany loan - (807,610) Dividends paid (1,902) (328,632) Net cash from financing activities (1,902) (942,950) Net increase in cash and cash equivalent 87,407 1,699,003 Cash and cash equivalent at 1 January 2,275,049 525,137 Short Term Deposit 30,508 Effect of Foreign exchange on cash and cash equivalent - 20,401 Cash and cash equivalent at 31 March 2,362,456 2,275,049 |
Industrial & Medical Gases Nigeria plc |
Condensed statement of changes in equity |
Share capital Capital Contribution Share Premiun Retained earnings Total equity |
Balance at 1 January =N='000 =N='000 =N='000 =N='000 Balance at 1 January 2026 365,532 (0) 5,602,481 5,872,437 11,840,450 Profit for the period 285,233 285,233 Other Comprehensive Income - - Transactions with shareholders: Unclaimed dividend now statute barred - Dividends paid/declared - |
Balance at 31 March 2026 365,532 (0) 5,602,481 6,157,670 12,125,683 |
Balance at 1 January 2025 249,746 357,651 5,307,154 5,914,551 Profit for the period 989,853 989,853 Other Comprehensive Income- Actuarial gain - Transactions with shareholders: - Capital contribution (357,651) 357,651 (0) Dividends paid/declared (399,595) (399,595) Share premium on rights issue 5,363,417 - 5,363,417 Costs associated with issuance of right issue (118,587) (118,587) Bonus Issue Declared 24,975 (24,975) - Right Issue 90,811 90,811 |
Balance at 31 December 2025 365,532 (0) 5,602,481 5,872,437 11,840,450 |
Industrial and Medical Gases Nigeria Plc QTR 1 FY 2026 Un-audited Financial Statements
Notes to the condensed financial statements-
Statement of compliance
These condensed financial statements for the three 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 PolicyIn 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.
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Basis of preparation
The financial statements are prepared in thousands of Nigerian Naira on the historical cost basis
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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 2025
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Unusual items
There were no unusual items within the period
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Changes in estimates
There were no material changes in estimates made, between the last quarter interim report and the current report
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Debt and equity transactions
A dividend in respect of the year ended 31 December 2025 of N0.50 kobo per share amounting to N365.531 million was recommended at the board meeting held on 27 March 2026. No provision for the dividend is recognised in the financial statements for the year ended because dividend is recognised as a liability in the period it is approved by the shareholders.
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Contingent liabilities
As at the date of publishing this report, there are no contingent liabilities against the company
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Significant accounting policies
The accounting policies set out below have been applied consistently to all periods presented in these financial statements.
Foreign currency transactions - Transactions in foreign currencies are translated to Naira at the exchange rates at the dates of the transactions.
Property, plant and equipment - Items of property,plant and equipment are measured at cost less accumulated depreciation and any accumulated impairment losses.
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 - 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.
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.
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
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
Income tax -Income tax expense comprises current tax - company income tax and tertiary education tax, and deferred tax.
Jan-Mar 2026
Jan-Dec 2025
=N='000
=N='000
2,136
2,136
418,811
421,402
985,091
1,027,692
187,420
200,958
68,475
59,748
440,477
448,122
7,680,077
7,508,169
9,782,487
9,668,227
-
Property,Plant & Equipment
Land
Buildings
Plant & machinery
Motor Vehicle
Furniture & fittings
Cylinders
WIP
-
Inventories
92,695
42,779
408,944
425,093
285,141
324,044
-
-
786,780
791,916
Raw materials
Spares and consumables Finished goods
Goods-in-transit
- Employee benefit liability
The long service award benefit plan 33,417 33,417
12. Trade and Other payables | |||
Trade Payable | 855,855 | 784,857 | |
Dividend payable | 183,463 | 185,365 | - |
Statutory deductions( VAT, WHT & PAYE Payable) | 242,515 | 158,794 | |
Agency and cylinder deposit | 296,744 | 282,182 | |
Leave allowance payable | 9,758 | 9,758 | |
Accrued expenses 561,516 348,419 | |||
2,149,851 | 1,769,375 | ||
13. Loans to related parties |
IMG due to TY Holdings 135,666 135,666 135,666 135,666
Interest expense on employee benefit - - (6,253) Interest cost on intercompany loan - (351,736) - Interest cost on Commercial Paper - - - - (351,736) (6,253) |