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BOC Gases, has remained at a 5-year high, despite a bear market. The stock closed yesterday’s trading at N6.12, which it attained on the 16th of August 2019.    

boc BOC Gases hits 5 year high

Year to date, the stock is up 45.37%, outperforming the Nigerian Stock Exchange All Share Index which is down 13.97%.

Nairametrics thus placed the stock on this week’s watchlist, as it was last week’s best performing stock appreciating by 9.9%.

Still some way to go 

For investors that got into the stock 10 years ago however, it has some way to go before they can at least break even. The stock was trading in double digits in July 2009.

boc BOC Gases 10 year chart

Where next?  

While the firm is currently at a high, possibilities of a further rally are dependent on its Q3 results.


The company’s H1 2019 results show a marginal increase in topline, but a slight decrease in bottom-line. H1 revenue increased from N1.36 billion in 2018 to N1.48 billion in 2019, up 8.82%. Profit after tax fell by 14.8%, from N147 million in 2018 to N128 million in 2019.

On a quarterly basis, the decline in profit is more pronounced. The firm made an operating loss of N13 million in the second quarter of 2019, as against an operating profit of N104 million for the corresponding period of 2018.

The firm however recorded a profit after tax of N24 million in the second quarter of 2019, due to finance income comprising interest on deposits and net gain on foreign exchange transactions.

Standard chartered

Reasons for the decline  

The company attributed the decline to gas shortages and its organizational health initiatives, following a merger between its ultimate parent company Linde Aktiengesellschaft (Linde AG), and Praxair Inc.

Standard chartered

It however expects much more improved gas supply in the second half of the year.

About the firm  

BOC Gases was incorporated on the 12th of November 1959, under the name Industrial Gases Nigeria Limited. The name was changed to Industrial Gases Nigeria Limited on the 10th of July 1961, and thereafter to BOC Gases Nigeria Plc on the 17th of March, 1997.


It is a subsidiary of BOC Holdings UK, which in itself is a subsidiary of Linde AG, a German firm.

The company is into the manufacture and sale of industrial and medical gases, as well as the sale of special gases, welding and medical equipment.


Onome Ohwovoriole has a degree in Economics and Statistics from the University of Benin and prior to joining Nairametrics in December 2016 as Lead Analyst had stints in Publishing, Automobile Services, Entertainment and Leadership Training. He covers companies in the Nigerian corporate space, especially those listed on the Nigerian Stock Exchange (NSE). He also has a keen interest in new frontiers like Cryptocurrencies and Fintech. In his spare time, he loves to read books on finance, fiction as well as keep up with happenings in the world of international diplomacy. You can contact him via onome.ohwovoriole@nairametrics.com


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