Industrial & Medical Gases Nigeria Plc reported a revenue earlier than tax of N1.42 billion for the yr ended December 2025, in response to its unaudited monetary statements.
Though the corporate remained worthwhile, this represents a decline from the N2.44 billion recorded within the prior yr, as greater working bills weighed on bottom-line efficiency.
Within the fourth quarter of 2025, pre-tax revenue rose to N204.9 million, up from N160.2 million within the corresponding interval of 2024, reflecting improved quarterly earnings.
Nevertheless, fourth-quarter income softened, falling to N1.7 billion from N2.1 billion a yr earlier, whereas full-year income remained agency at N8.3 billion.
Key Highlights (FY2025 unaudited vs FY2024 audited)
- Income: N8.37 billion vs N8.37 billion (audited)
- Gross revenue: N4.07 billion (up 4.72% YoY from N3.89 billion)
- Working revenue: N1.38 billion (down 43.60% YoY from N2.44 billion)
- Pre-tax revenue: N1.42 billion (down 41.47% YoY from N2.44 billion)
- Revenue after tax: N933.07 million (down 42.50% YoY from N1.62 billion)
- Earnings per share: N1.28 (down from N3.25)
- Complete belongings: N14.68 billion (down 1.27% YoY from N14.87 billion)
Driving the numbers
Income for the yr inched as much as N8.37 billion, pushed largely by gasoline gross sales, which continued to dominate the enterprise, accounting for 96.5% of complete turnover.
- The steadiness got here from rental earnings on gasoline tools, engineering providers, gross sales of gasoline tools, and supply expenses.
On the fee facet, the value of gross sales narrowed to N4.2 billion from N4.4 billion within the prior yr, supporting an enchancment in gross revenue, which rose 4.72% to N4.07 billion.
The corporate additionally recorded different earnings of N115.9 million, primarily from generator rent and good points on scrap gross sales.
Nevertheless, this was overshadowed by rising working bills.
- Administrative bills climbed 29.3% to N1.7 billion, whereas different bills stood at N43.7 million.
- International change losses amounted to N113.9 million and promoting and distribution bills greater than tripled to N921.5 million.
In consequence, working revenue declined sharply to N1.3 billion from N2.4 billion within the earlier yr.
After factoring in finance earnings of N48.1 million and no finance prices, revenue earlier than tax settled at N1.42 billion, down from N2.44 billion in 2024.
- On the steadiness sheet, complete belongings remained largely steady at N14.6 billion, with property, plant and tools of N9.6 billion accounting for the majority of the asset base.
In a optimistic improvement, complete liabilities fell sharply to N2.9 billion from N8.9 billion a yr earlier.
Shareholders’ fairness strengthened considerably, rising to N11.7 billion from N5.9 billion within the prior yr, with common reserves making up 96.9% of complete fairness.
Market response
Primarily based on the buying and selling data supplied, Industrial & Medical Gases Nigeria Plc shares are at the moment priced at N34.65, up 10% month-to-date in February 2026.
The inventory seems to be rebounding from a January low of N31.50 and has since traded above the N34 degree in February, seemingly supported by improved investor sentiment following the discharge of its monetary outcomes.
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