Industrial Medicla Gases Nigeria Plc QTR 4 FY 2025 Un audited Financial Statements
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 Medicla Gases Nigeria Plc QTR 4 FY 2025 Un audited Financial Statements
REPORT TO THE NIGERIAN STOCK EXCHANGEIndustrial & 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 Oct- Dec 2025 =N='000 | Unaudited Jan- Dec 2025 =N='000 | Unaudited Oct- Dec 2024 =N='000 | Unaudited Jan- Dec 2024 =N='000 | Audited Jan- Dec 2024 =N='000 |
1,756,869 (1,094,311) | 8,375,401 (4,299,875) | 2,120,074 (1,205,950) | 8,298,703 (4,469,275) | 8,376,181 (4,484,456) | |
662,558 12,169 (4,458.00) (21,008.00) (200,820) - (364,700.44) | 4,075,526 115,913 (43,728.00) (113,967.00) (921,533) - (1,730,615.44) | 914,124 20,856 (9,869) 6,615 (254,250) -(519,448) | 3,829,428 78,550 (38,245) 1,211,714 (1,042,921) -(1,585,208) | 3,891,725 32,392 (38,245) 1,211,714 (1,146,481) (163,343) (1,337,853) | |
83,740 (707,396) 828,616 | 1,381,596 48,111 - | 158,029 2,238 - | 2,453,319 16,847 (17,632) | 2,449,909 16,847 (23,794) | |
204,961 (73,623.00) | 1,429,707 (496,634) | 160,267 (103,686) | 2,452,534 (778,940) | 2,442,962 (820,222) | |
Net Profit for the 12 months | 131,338 | 933,073 | 56,581 | 1,673,594 | 1,622,740 |
18 | 128 | 11 | 335 | 325 |
No of ordinary shares | 731,064,000 | 731,064,000 | 499,494,000 | 499,494,000 | 499,494,000 |
The Board believes that barring any unforeseen negative circumstances, the performance shall be sustained. | |||||
Industrial & Medical Gases Nigeria plc | |
Condensed statement of financial position | |
Unaudited Audited Jan-Dec 2025 Jan-Dec 2024 ASSETS =N='000 =N='000 Non current assets Property, plant and equipment 9 9,692,654 6,790,015 Other tax assets 10,600 14,986 9,703,253 6,805,001 Current assets Inventories 10 789,513 908,320 Trade debtors and other receivables 855,590 1,226,683 Prepayments 739,456 570,473 Other tax assets 306,456 211,226 Cash and cash equivalents 2,295,489 5,156,688 4,986,504 8,073,390 | |
Total assets 14,689,758 14,878,391 | |
Equity & liabilities Equity Share Capital 365,532 249,746 General reserve 11,418,141 5,664,806 Total Equity 11,783,673 5,914,552 Non current liabilities Employee benefit liability 11 32,637 32,637 - Deferred tax liabilities 330,884 330,885 363,521 363,522 Current liabilities Current tax liabilities 524,394 1,078,326 Trade & Other payables 1,758,001 2,066,274 Loans and borrowings 135,666 5,329,104 Contract liability 124,503 126,614 2,542,564 8,600,318 Total liabilities 2,906,085 8,963,840 | |
Total equity and liabilities 14,689,758 14,878,392 | |
This financial statements were approved by the Board of Directors on and signed by on its behalf by: | |
Mr. Ayodeji oseni |
Managing Director/CEO FRC/2017/PRO/DIR/003/0000001 |
Mr. Abayomi Oke |
Chief Financial Officer FRC/2025/PRO/ICAN/559401 |
Industrial & Medical Gases Nigeria plc | |
Condensed statement of cash flows | |
Jan-Dec 2025 =N='000 Cash flows from operating activities Profit Before Income Tax 1,429,707 Adjustments for non-cash items: Depreciation 306,576 (Gain)/Loss on sale of property, plant and equipment - Insurance Claim (3,834) Finance Income (48,111) Finance cost - Share Premium on Loan Converted To Share 5,414,062 Ordinary Share 85,937 Gain on Sale of Scrap (35,335) Withholding tax credit (106,267) Working capital changes: Inventories 118,807 Trade and other receivables 371,093 Related party receivables - Other tax assets (90,844) Prepayments (168,983) Trade and other payables (339,500) Contract liability (2,111) Other Current Liabilities - Income tax paid (944,300) Net cash from operating activities 5,986,897 Cash flows from investing activities Purchase of fixed assets (3,209,214) Proceeds from sales of fixed assets - Insurance Claim 3,834 Proceed from Sales of Scrap 35,335 Interest received 48,111 Net cash from investing activities (3,121,934) Cash flows from financing activities Proceed from Right Issue 311,879 Right Issue Expenses (118,586) Interest paid on Commercial Papers - Intercompany loan received - Repayment of intercompany loan - Loan converted to share (5,500,000) Interest on loan (51,090) Interest paid on Intercompany loan - Dividend paid (368,369) Net cash from financing activities (5,726,166) Net increase in cash and cash equivalent (2,861,203) Cash and cash equivalent at 1 January 5,156,688 Effect of Foreign exchange on cash and cash equivalent -Cash and cash equivalent at 31st December 2,295,485 | Jan-Dec 2024 =N='000 2,442,962 344,414 (22,132) (16,847) 17,632 - (235,774) (120,122) -(86,088) (223,093) (101,467) 47,897 (60,015) (93,824) 1,893,543 |
(3,430,704) 22,132 16,847 | |
(3,391,725) | |
- -5,500,000 (350,000) (706,559) (196,441) | |
4,247,000 | |
2,748,817 2,288,304 119,567 5,156,688 | |
QTR 4 FY 2025 Un audited Financial Statements
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 | 5,307,155 | 5,914,552 |
- | ||||
Comprehensive income for the period | - | |||
Profit for the period | 933,073 | 933,073 | ||
Capital Contribution | (357,651) | (357,651) | ||
Share Premium | 5,602,481 | 5,602,481 | ||
Right Issue 90,811 | 90,811 | |||
Total comprehensive income for the period | - | |||
- | ||||
Transactions with shareholders: | - | |||
Unclaimed dividend now statute barred | - | |||
Bonus Issue Declared 24,974 | (24,974) | - | ||
Dividends paid/declared | (399,595) | (399,595) | ||
Balance at 31 December 2025 | 365,531 | 0 | 11,418,140 | 11,783,671 |
For the Period ended December 31, 2024 | ||||
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: | 357,651 | 357,651 | ||
Capital Contribution | - | |||
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 |
Notes to the condensed financial statements
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 share held by the shareholders. The Company undertook a Rights issue of two (2) new shares for every five (5) held at N32 per share. |
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. |
(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 |
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-Dec 2025 | Jan-Dec 2024 |
=N='000 | =N='000 |
2,136 | 2,542 |
421,402 | 431,384 |
1,027,691 | 1,211,057 |
200,957 | 262,353 |
22,938 | 29,590 |
448,124 | 411,638 |
7,569,406 | 4,441,451 |
9,692,654 | 6,790,015 |
Oct-Dec 2025 | Jan - Dec2025 | Oct-Dec 2024 | Jan - Dec 2024 | Jan-Dec 2024 |
1,679,070 | 8,084,971 | 2,030,978 | 8,007,869 | 8,007,869 |
38,839 | 101,609 | 9,749 | 34,488 | 80,646 |
706 | 13,025 | 7,369 | 20,164 | 20,164 |
5,524 | 17,642 | 4,283 | 63,375 | 63,375 |
32,731 | 158,155 | 67,695 | 172,807 | 204,127 |
1,756,869 | 8,375,401 | 2,120,074 | 8,298,703 | 8,376,181 |
17.Finance Income and finance cost |
(a)Finance income comprises |
Interest income on bank deposits |
Net gain on foreign exchange transactions |
(707,396) | 48,111 | 2,238 | 16,847 | 16,847 |
- | - | 6,615 | 1,211,714 | 0 |
(707,396) | 48,111 | 8,853 | 1,228,561 | 16,847 |
(b)Finance expenses comprises |
Interest expense on lease liabilities |
- | - | - | - | - |
9. Property,Plant & Equipment
Land |
Buildings |
Plant & machinery |
Motor Vehicle |
Furniture & fittings |
Cylinders |
WIP |
10. Inventories |
Raw materials |
Spares and consumables |
Finished goods |
Goods-in-transit |
42,779 | 114,105 |
351,353 | 403,451 |
395,381 | 390,764 |
- | - |
789,513 | 908,320 |
11.Employee benefit liability |
The long service award benefit plan |
32,637 | 32,637 |
12. Trade & Other Payables |
Trade Payable |
Dividend payable |
Statutory deductions( VAT, WHT & PAYE Payable) |
Agency and cylinder deposit |
Leave allowance payable |
Accrued expenses |
770,169 | 1,067,007 |
185,365 | 154,138 |
134,918 | 134,607 |
281,625 | 272,461 |
9,757 | 9,758 |
376,167 | 428,303 |
1,758,001 | 2,066,274 |
13. Group Current Account |
IMG due to TY Holdings |
135,666.00 | 5,329,104 |
135,666 | 5,329,104 |
14.Revenue |
Gas sales |
Engineering services |
Sales of gas equipment |
Delivery charges revenue |
Rental Income on Gas equipment |
15.Other income | |||||
Income from hire of genset | 8,455 | 76,744 | 10,199 | 46,158 | - |
(Loss)/Gain on sale of property, plant and equipment | (215) | - | 10,285 | 22,132 | 22,132 |
Recovery of withholding tax previously written-off | - | - | |||
Gain on sale of scrap | 95 | 35,335 | 372 | 10,260 | 10,260 |
Insurance Claim | 3,834 | 3,834 | - | ||
12,169 | 115,913 | 20,856 | 78,550 | 32,392 |
16.Selling & Distribution |
Selling expenses |
Distribution expenses |
(30,288) | (272,864) | (22,269) | (290,589) | - |
(170,532) | (648,668.75) | (182,264) | (702,615) | (1,146,481) |
(200,820) | (921,533) | (204,533) | (993,204) | (1,146,481) |
Interest cost on intercompany loan |
Interest cost on Commercial Paper |
828,616 | - | - | (23,794) | (23,794) |
- | - | - | - | - |
828,616 | - | - | (23,794) | (23,794) |