Industrial Medicla Gases Nigeria Plc QTR 2 FY 2026 Un audited Financial Statements
INDUSTRIAL & MEDICAL GASES NIGERIA PLC RC 2035 CONTENT PAGE Page Statement of Profit or Loss and Other Comprehensive Income 1 Statement of Financial Position 2 Statement of Cash Flows 3 Statement of Equity 5 Note to the Account 6-7 Free Float Status 8Industrial Medicla Gases Nigeria Plc QTR 2 FY 2026 Un audited Financial Statements
Industrial & Medical Gases Nigeria plc Condensed statement of comprehensive income | |||||
Unaudited | Unaudited | Unaudited | Unaudited | Audited | |
Notes | Apr - Jun 2026 | Jan- Jun 2026 | Apr - Jun 2025 | Jan- Jun 2025 | Jan- Dec 2025 |
=N='000 | =N='000 | =N='000 | |||
Revenue 14 | 1,755,726 | 3,898,478 | 2,193,735 | 4,327,613 | 8,375,402 |
Cost of sales | (1,164,553) | (2,236,252) | (979,716) | (2,066,442) | (4,304,115) |
Gross profit | 591,173 | 1,662,226 | 1,214,019 | 2,261,171 | 4,071,287 |
Other Income 15 | 8,227 | 26,408 | 28,352 | 83,309 | 112,079 |
Other expenses | (3,795) | (13,092) | (15,827) | (28,247) | (43,728) |
Gain/(Losses) on foreign exchange transactions | (21,281) | (30,991) | (41,560) | (63,540) | (109,937) |
Selling and Distribution Expenses 16 | (251,670) | (489,781) | (300,338) | (560,318) | (931,360) |
Credit loss expense on trade and other receivables | - | - | - | - | (55,836) |
Administrative expenses | (247,754) | (745,763) | (490,604) | (881,785) | (1,574,759) |
Operating profit | 74,900 | 409,007 | 394,042 | 810,590 | 1,467,746 |
Finance income 17 | 77,105 | 149,959 | 286,206 | 586,549 | 48,350 |
Finance cost | - | - | (318,699) | (670,435) | (6,253) |
Profit before income tax | 152,005 | 558,966 | 361,549 | 726,704 | 1,509,843 |
Income tax (provision) | (30,963) | (152,391) | (123,419) | (250,225) | (519,990) |
Net Profit for the 6 months | 121,042 | 406,575 | 238,130 | 476,479 | 989,853 |
Basic and diluted earnings per share (kobo) 17 56 33 No of ordinary shares 731,064,000 731,064,000 731,064,000 The Board believes that barring any unforeseen negative circumstances, the performance shall be sustained. | 65 731,064,000 | 135 731,064,000 | |||
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Industrial & Medical Gases Nigeria plc Condensed statement of financial position ASSETS Non current assets Property, plant and equipment Other tax assets | 9 | Un audited Jan-Jun 2026 =N='000 9,707,782 8,407 | Audited Jan-Dec 2025 =N='000 9,668,227 10,600 |
9,716,188 | 9,678,827 | ||
Current assets | |||
Inventories | 10 | 853,000 | 791,916 |
Trade debtors and other receivables | 1,152,524 | 1,051,692 | |
Prepayments | 913,669 | 738,647 | |
Other tax assets | 348,979 | 260,995 | |
Cash and cash equivalents | 1,837,523 | 2,275,049 | |
5,105,695 | 5,118,299 | ||
Total assets | 14,821,883 | 14,797,126 | |
Equity & liabilities | |||
Equity | |||
Share Capital | 365,532 | 365,532 | |
General reserve | 11,515,960 | 11,474,918 | |
Total Equity | 11,881,492 | 11,840,450 | |
Non current liabilities | |||
Employee benefit liability | 11 | 33,417 | 33,417 |
Deferred tax liabilities | 292,249 | 292,249 | |
325,666 | 325,666 | ||
Current liabilities | |||
Current tax liabilities | 207,490 | 585,449 | |
Trade & Other payables | 1,977,659 | 1,769,375 | |
Loans and borrowings | 135,665 | 135,666 | |
Contract liability | 293,911 | 140,520 | |
2,614,725 | 2,631,010 | ||
Total liabilities | 2,940,391 | 2,956,676 | |
Total equity and liabilities | 14,821,883 | 14,797,126 | |
Industrial & Medical Gases Nigeria plc | ||
Condensed statement of cash flows | ||
Jan-Jun 2026 | Jan-Dec 2025 | |
=N='000 | =N='000 | |
Cash flows from operating activities | ||
Profit Before Income Tax | 558,966 | 1,509,843 |
Adjustments for non-cash items: | ||
Depreciation | 144,672 | 306,576 |
(Gain)/Loss on sale of property, plant and equipment | - | 215 |
Finance Income | (149,959) | (48,350) |
Provision | - | - |
Working capital changes: | ||
Inventories | (61,084) | 140,832 |
Trade and other receivables | (100,832) | 171,571 |
Related party receivables | - | - |
Other tax assets | (85,786) | (151,650) |
Prepayments | (175,022) | (168,174) |
Trade and other payables | 138,378 | (384,064) |
Contract liability | 153,391 | 13,906 |
Other Current Liabilities | - | - |
Income tax paid | (530,350) | (945,236) |
Net cash from operating activities | (107,626) | 445,469 |
Cash flows from investing activities Purchase of fixed assets | (184,226) | (3,242,537) |
Principal amount liquidated from short term deposit | - | 5,418,832 |
Additional investment to short term deposit | (28,161) | |
Interest received | 149,959 | 48,350 |
Net cash from investing activities | (34,267) | 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 | (295,633) | (328,632) |
Net cash from financing activities | (295,633) | (942,950) |
Net increase in cash and cash equivalent | (437,526) | 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 30 June | 1,837,523 | 2,275,049 |
Industrial & Medical Gases Nigeria plc Condensed statement of changes in equity | ||||||
For the Period ended June 30, 2026 | ||||||
Share capital | Capital contribution | Share Premium | Retained earnings | Total equity | ||
=N='000 | =N='000 | =N='000 | =N='000 | |||
Balance at 1 January 2026 | 365,532 | 5,602,481 | 5,872,436 | 11,840,450 | ||
Comprehensive income for the period | ||||||
Profit for the period | 406,575 | 406,575 | ||||
Other Comprehensive Income | - | - | ||||
Total comprehensive income for the period | ||||||
Transactions with shareholders: | ||||||
Unclaimed dividend now statute barred | - | |||||
Bonus Issue Declared | ||||||
Dividends paid/declared | (365,532) | (365,532) | ||||
Balance at 30 June 2026 | 365,532 | - | 5,602,481 | 5,913,479 | 11,881,492 | |
For the Period ended December 31, 2025 | ||||||
Balance at 1 January 2025 | 249,746 | 5,307,154 | 5,556,900 | |||
Profit for the period | 989,853 | 989,853 | ||||
Other Comprehensive Income- Actuarial gain | - | |||||
Transactions with shareholders: | - | |||||
Capital contribution | 357,651 | 357,651 | ||||
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 31st December,2025 | 365,532 | - | 5,602,481 | 5,872,437 | 11,840,450 | |
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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 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 N.50k per share amounting to N365.532million was decleared at the annual general meeting held on 19 June 2026.
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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. 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.
- Property,Plant & Equipment Jan-Jun 2026 Jan-Dec 2025
Land | 2,136 | 2,136 |
Buildings | 416,220 | 421,402 |
Plant & machinery | 942,491 | 1,027,692 |
Motor Vehicle | 173,884 | 200,958 |
Furniture & fittings | 35,506 | 59,748 |
Cylinders | 432,268 | 448,122 |
WIP | 7,705,277 | 7,508,169 |
9,707,782 | 9,668,227 | |
10. Inventories Raw materials | 45,751 | 42,779 |
Spares and consumables | 403,670 | 425,093 |
Finished goods | 403,579 | 324,044 |
Goods-in-transit | - | - |
853,000 | 791,916 | |
11.Employee benefit liability | ||
The long service award benefit plan | 32,637 | 33,417 |
12. Other payables & Accrual | ||||
Trade Payable | 699,014 784,857 | |||
Dividend payable | 218,864 185,365 | |||
Statutory deductions( VAT, WHT & PAYE Payable) | 95,080 158,794 | |||
Agency and cylinder deposit | 299,589 282,182 | |||
Leave allowance payable | 9,758 9,758 | |||
Accrued expenses | 655,353 348,419 | |||
1,977,658 1,769,375 | ||||
13. Group Current Account | ||||
IMG due to TY Holdings | 135,666 135,666 | |||
135,666 135,666 | ||||
14.Revenue | Apr-Jun 2026 Jan - Jun 2026 | Apr-Jun 2025 | Jan - Jun 2025 | Jan-Dec 2025 |
Gas sales | 1,792,781 3,684,141.52 | 2,076,903 | 4,172,250 | 8,084,970 |
Engineering services | (61,698) 161,396.76 | 32,157 | 60,947 | 101,609 |
Sales of gas equipment | 778 2,212.00 | 4,311 | 10,517 | 13,025 |
Delivery charges revenue | 7,732 11,916.06 | 5,216 | 8,751 | 17,643 |
Rental Income on Gas equipment | 16,134 38,811.63 | 75,149 | 75,149 | 158,155 |
1,755,726 3,898,478 | 2,193,735 | 4,327,613 | 8,375,402 | |
15.Other income | ||||
Income from hire of genset | 5,621 23,279 | 27,676 | 49,688 | 76,743 |
(Loss)/Gain on sale of property, plant and equipment | - - | - | - | - |
Recovery of withholding tax previously written-off | - | - | - | |
Gain on sale of scrap | 2,606 2,829 | 676 | 33,621 | 35,336 |
Insurance Claim | 300 | - | ||
8,227 26,408 | 28,352 | 83,309 | 112,079 | |
16.Selling & Distribution | ||||
Selling expenses | (89,035) (152,463) | (124,981) | (230,310) | - |
Distribution expenses | (162,635) (337,318) | (208,302) | (330,008) | (931,360) |
(251,670) (489,781) | (333,283) | (560,318) | (931,360) | |
17.Finance Income and finance cost | ||||
(a)Finance income comprises | ||||
Interest income on bank deposits | 77,105 149,959 | 286,206 | 586,549 | 48,350 |
Net gain on foreign exchange transactions | - - | |||
77,105 149,959 | 286,206 | 586,549 | 48,350 | |
(b)Finance expenses comprises | ||||
Interest expense on lease liabilities | - - | - | - | - |
Interest cost on intercompany loan | - - | (318,699) | (670,435) | (6,253) |
Interest cost on Commercial Paper | - - | - | - | - |
- - | (318,699) | (670,435) | (6,253) | |
Industrial Medicla Gases Nigeria Plc QTR 2 FY 2026 Un audited Financial Statements
Hypothetical Case on Free Float Computation Free Float Status as at 30 June 2026 Shareholding Structure/Free Float Status | ||||
Description | 30-Jun-26 | 30-Jun-25 | ||
Unit | Percentage | Unit | Percentage | |
Issued Share Capital | 731,064,225 | 100% | 549,443,012 | 110% |
Substantial Shareholdings (5% and above) | ||||
TY Holdings Limited | 565,677,051 | 77.38% | 393,802,055 | 71.67% |
0 | 0.00% | 0 | 0.00% | |
0 | 0.00% | 0 | 0.00% | |
0 | 0.00% | 0 | 0.00% | |
Total Substantial Shareholdings | 565,677,051 | 77.38% | 393,802,055 | 71.67% |
Directors' Shareholdings (direct and indirect), excluding directors with substantial interests | ||||
Mr. Oyeniyi Olawale Oyedele | 16,064,729 | 2.20% | 11,780,804 | 2.14% |
Adebayo Adeleke | 15,950 | 0.00% | 11,697 | 0.00% |
Ayodeji Oseni | 0 | 0.00% | 25,803 | 0.00% |
0 | 0.00% | 0 | 0.00% | |
0 | 0.00% | 0 | 0.00% | |
Total Directors' Shareholdings | 16,080,679 | 2.20% | 11,818,304 | 2.15% |
Other Influential Shareholdings | ||||
0 | 0.00% | 0 | 0.00% | |
0 | 0.00% | 0 | 0.00% | |
Total Other Influential Shareholdings | 0 | 0.00% | 0.00% | |
Free Float in Units and Percentage | 149,306,495 | 20.42% | 143,822,653 | 26.18% |
Free Float in Value | ₦ 5,091,351,479.50 | ₦ 5,048,175,106.26 | ||
Declaration: | ||||
(A) IMG Nigeria Plc with a free float percentage of 20.42% as at 30 June 2026, is compliant with The Exchange's free float requirements for companies listed on the Main Board. | ||||
(B) IMG Nigeria Plc with a free float value of N5,091,351,479.50 as at 30 June 2026, is compliant with The Exchange's free float requirements for companies listed on the Main Board. | ||||