Industrial and Medical Gases Nigeria Plc
(Formerly BOC Gases Nigeria Plc)
Annual Report and Financial statements For the year ended 31 December 2021
Industrial and Medical Gases Nigeria Plc
(Formerly BOC Gases Nigeria Plc) Annual Report and Financial statements
For the year ended 31 December 2021
Table of Contents
Corporate information ............................................................................................................................................. i
The year at a glance ................................................................................................................................................. ii
Directors' report ..................................................................................................................................................... iii
Statement of Directors' responsibilities ................................................................................................................ xii
Certification of Financial Statements .................................................................................................................. xiii
Report of the audit committee ............................................................................................................................. xiv
Independent Auditor's Report ................................................................................................................................. 1
Statement of profit or loss and other comprehensive income ............................................................................... 5
Statement of financial position ............................................................................................................................... 6
Statement of changes in equity ............................................................................................................................... 7
Statement of cash flows .......................................................................................................................................... 8
Notes to the Financial Statements .......................................................................................................................... 9
Value added statement ......................................................................................................................................... 58
Five- Year Financial summary ................................................................................................................................ 59
Industrial and Medical Gases Nigeria Plc
(Formerly BOC Gases Nigeria Plc) Annual Report and Financial statements
For the year ended 31 December 2021
Corporate information Board of directors:
Name
Mr. Abiodun Olabode Alabi
Mr. Ayodeji Oseni
- -
Mr. Hendrik Mentz De Waal (South African) Resigned 10 August 2021 -
Mr. Oyeniyi Olawale Oyedele
Mr. Adebayo Adeleke
Mr. Joseph Ramashala (South African) Resigned 10 August 2021
Mr. Adeshina Alayaki
Mr. Aminu Ado (Appointed 26/01/22)
Mr. Ishaya Danjuma (Appointed 26/01/22)
Mrs Adebola Oluwadeji (Appointed 26/01/22)
Engr Funmilola Ojelade (Appointed 26/01/22)
- - - - - - - -
Chairman Managing Director Non-executive Non-executive Non-executive Non-executive Finance Director Non-executive Non-executive Non-executive Non-executive
Company secretary:
Mrs Aderonke Segun-Alabi
Registered office:Registrar:Auditor:Principal bankers:Members of the audit committee:
Plots 1-3, Block H Oshodi Industrial Estate Oshodi
Lagos State
First Registrar & Investors Services 2 Abebe Village Road
Iganmu
PMB 12692, Marina Lagos
Deloitte & Touche Civic Towers
Plot GA 1, Ozumba Mbadiwe Avenue, Victoria Island
Lagoswww.deloitte.com.ng
Standard Chartered Bank Nigeria Limited Zenith Bank Plc
United Bank of Africa
Rand Merchant Bank Nigeria Limited First Bank of Nigeria Limited
First City Monument Bank Plc Fidelity Bank Plc
Mr. Emmanuel Okafor (Chairman) Mr. Bello Owonikoko
Mr. Kenneth Nwosu Mrs. Adebola Oluwadeyi Mr. Aminu Ado
i
Industrial and Medical Gases Nigeria Plc
(Formerly BOC Gases Nigeria Plc) Annual Report and Financial statements
For the year ended 31 December 2021
The year at a glance % increase
2021 | 2020 | /(decrease) | |
N'000 | N'000 | ||
Revenue | 3,699,230 | 3,171,173 | 16.65 |
Results from operating activities | 643,596 | 392,357 | 64.03 |
Profit before income tax | 552,196 | 414,502 | 31.52 |
Income tax expense | (180,177) | (122,395) | 47.21 |
Profit for the year | 372,019 | 292,107 | 24.94 |
Total comprehensive income for the year | 372,019 | 292,543 | 24.76 |
Declared dividend during the year* | 208,122 | 124,873 | 66.67 |
Share capital | 208,122 | 208,122 | - |
Total equity | 3,046,028 | 2,879,676 | 5.78 |
Number of 50 kobo ordinary shares issued | 416,244,706 | 416,244,706 | |
Per 50k share data | |||
Basic earnings per share (kobo) | 89 | 70 | 25.26 |
Dividend per share: | |||
- Declared during the year | 50k | 30k | |
Net assets per share (Naira) | 7.33 | 6.92 | 5.99 |
Stock exchange quotation at end of year | N9.45 | N8.70 | 8.62 |
Market capitalisation at end of year (N: '000) | 3,933,512 | 3,621,329 | 8.62 |
* Dividend declared during the year represents the dividend proposed during the preceding year and approved by the shareholders for payment in the current year.
ii
Industrial and Medical Gases Nigeria Plc
(Formerly BOC Gases Nigeria Plc) Annual Report and Financial statements
For the year ended 31 December 2021
Directors' report
The directors present their report on the affairs of Industrial and Medical Gases Nigeria Plc ("the Company") together with the financial statements and the auditor's report for the year ended 31 December 2021.
1 Legal status
Industrial & Medical Gases Nigeria Plc (formerly BOC Gases Nigeria Plc hereinafter "the Company"), a public company quoted on the Nigerian Stock Exchange in 1979, was incorporated as a public limited liability company on 12 November 1959 under the name Industrial Gases (Nigeria) Limited. The name was changed on 10 July 1961 to Industrial Gases Limited and thereafter to BOC Gases Nigeria Plc on 17 March 1997. The Company was a subsidiary of BOC Holdings Limited, U.K., which holds 60% interest in the equity of BOC Gases Nigeria Plc. BOC Holdings Limited, U.K. is a subsidiary of Linde Plc, United Kingdom, the ultimate holding company. The Company's registered office address is Plots 1-3, Block H, Oshodi Industrial Estate, Oshodi, Lagos. In August 2021, TY Holdings Limited acquired additional 60% of the entire shares of the Company owned by BOC Holdings UK. The purchase is in addition to the existing 12% shares of the Company owned by TY Holdings Limited prior to this transaction bringing the ownership of TY Holdings Limited in BOC Gases Nigeria Plc to 72%. As a result of this development, the name of BOC Gases Nigeria Plc was changed to Industrial and Medical Gases Nigeria Plc, with a new logo and trademark.
2 Principal activities
The Company engages in the manufacture of industrial and medical gases as well as the sale of special gases, welding and medical equipment.
3 Operating results
The following is a summary of the Company's operating results:
4
2021 | 2020 | |
N'000 | N'000 | |
Revenue | 3,699,230 | 3,171,173 |
Results from operating activities | 643,596 | 392,357 |
Profit before income tax | 552,196 | 414,502 |
Profit for the year | 372,019 | 292,107 |
Total comprehensive income for the year | 372,019 | 292,543 |
Retained earnings | 2,844,517 | 2,671,118 |
Dividend |
The directors have awarded a stock dividend of one for every five shares held (2020: Cash dividend of 50k) on the issued share capital of 416,244,706 (2020: 416,244,706).
iii
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Industrial and Medical Gases Nigeria plc published this content on 31 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 01 April 2022 01:12:33 UTC.