BOC Gases Nigeria plc said its net profit for the nine months ended in 2017 increased to NGN194.5 million compared to NGN83.2 million loss reported in the financial year 2016.
The Gas company ended the period with 1.7 billion revenue in contrast to NGN1.4 billion posted in the previous year while gross profit was higher at NGN725.6 million against NGN534.1 million posted in the year before.
Operating profit increased to NGN237.7 million from NGN57.7 million recorded in the fiscal year 2016.
BOC Gases Nigeria said its total asset was NGN4.1 billion in contrast to NGN3.6 billion acquired in the year 2016 while total liabilities remained at NGN1.8 billion against NGN1.4 billion in the year before.
BOC Gases Nigeria Plc was established in Oshodi Isolo, Lagos, under the name of Industrial Gases Plc (Nigeria) Limited (IGL) in 1959. The company is the market leader in West Africa for production and distribution of industrial gases, including argon, nitrogen carbon dioxide and oxygen as well as welding products.
In 1997 Industrial Gases Plc changed to BOC Gases Nigeria Plc. In 2006, The Linde Group AG, a global leader in gases, engineering and technology solutions, acquired 60% of BOC Gases Nigeria Plc with the balance being held by Nigerian shareholders. As a member of The Linde Group, BOC Nigeria also has access to the continent’s biggest industrial gases and welding products group, African Oxygen Limited (Afrox), which operates in South Africa and 10 other African countries.