Top 10 industrial goods companies by market capitalization 

The Industrial Goods sector, as tracked by the NGX Industrial Index, represents a vital segment of the Nigerian stock market, with a market capitalization of N16.2 trillion.

As of the trading week ended 19th September 2025, it ranked second only to the Consumer Goods sector, which leads with N19.8 trillion, pushing the Banking index to third place at N14.7 trillion.

Relative to the Nigerian All-Share Index, currently valued at N89.74 trillion, the Industrial Goods sector accounts for 18.13% of total market capitalization.

The sector consists of companies whose outstanding shares, when multiplied by their market prices, create a combined value that influences both the Industrial Index and the broader All-Share Index.

Their market capitalization, or size, is therefore determined by the number of shares listed and how well those shares perform in terms of price movement.

This work ranks the top 10 stocks under the NGX Industrial Index based on their size, or market capitalization.

Here they are: 

AUSTIN LAZ (N3.14 billion)

Austin Laz & Company Plc, best known for ice block machines and coolers, takes the 10th position on the list with a market capitalization of N3.1 billion. This gives the company a modest 0.02% share of the NGX Industrial Goods Index and just 0.004% of the broader All-Share Index.

The company has 1,079,860,000 outstanding shares, and its stock has been a mild but consistent gainer this year, rising 59.89% as the price moved from N1.81 to N2.91 so far.

• As of June 30, 2025, Austin Laz held total assets of N1.418 billion, with property, plant, and equipment making up N1.2 billion of that figure.
• However, its H1 2025 earnings showed a pretax loss of N8.9 million, far deeper than the breakeven loss of N86,000 recorded a year earlier.

TRIPPLEG (N5.54 billion)

Tripple Gee & Company Plc, a secure printing and packaging firm, holds the 9th position with a market capitalization of N5.54 billion. This represents 0.034% of the Industrial Index and approximately 0.006% of the All-Share Index.

The company has 989,908,000 outstanding shares, and its stock has turned heads in 2025 with a year-to-date surge of 173.17%, leaping from N2.25 to N5.60.

Total assets as of June 30, 2025, stood at N5.06 billion, with property, plant, and equipment alone valued at N3.1 billion. Despite a higher turnover of N442 million in H1 2025, rising costs left the company with a pretax loss of N105.6 million, down by 6% year-over-year.

MEYER (N8.89 billion)

Meyer Plc, one of Nigeria’s oldest paint manufacturers, comes in 8th with a market capitalization of N8.89 billion. Its market weight translates to 0.055% of the Industrial Goods Index and 0.010% of the All-Share Index.

The company has 531,237,723 outstanding shares, and its stock has been a strong performer this year, almost doubling with a 98.7% gain as the share price rose from N8.45 to N16.75.

At the end of June 2025, Meyer’s total assets reached N2.9 billion, with N1.84 billion held in cash and cash equivalents.

In H1 2025, revenue grew to N2.02 billion, up 52.75%, while pretax profit surged to N388.3 million, more than double the N189.5 million recorded in the same period last year.

BERGER (N11.3 billion)

Berger Paints Plc, another household name in paints and coatings, ranks 7th with a market capitalization of N11.3 billion. This represents 0.07% of the Industrial Goods Index and 0.013% of the All-Share Index.

The company has 289,823,447 outstanding shares, and its investors have enjoyed a 95% gain in 2025, as the share price nearly doubled from N20.00 to N39.00.

Berger’s total assets stood at N7.58 billion as of June 30, 2025, supported by inventories of N2.8 billion and property, plant, and equipment of N2.5 billion.

For H1 2025, revenue rose to N6.1 billion, up 23%, while pretax profit surged more than sixfold to N945.8 million, compared to N128.7 million in H1 2024.

CUTIX (N24.6 billion)

Cutix Plc, one of Nigeria’s leading cable manufacturers, takes the 6th spot with a market capitalization of N24.6 billion. This accounts for 0.15% of the Industrial Goods Index and 0.03% of the All-Share Index.

The company has 7,045,288,104.00 outstanding shares, and its stock has appreciated 52.17% so far this year, moving from N2.39 to N3.50.

At the close of the period ended July 2025, total assets rose to N10.67 billion, up 33.56%, with inventories valued at N5.7 billion accounting for more than half of the total.

However, despite strong asset growth, revenue for the period stood at N3.52 billion, slightly below N3.55 billion in the same period last year, while pretax profit fell sharply to N86.2 million, down 81%.

CAP (N57.8 billion)

Chemical and Allied Products Plc (CAP), a player in Nigeria’s paint and coatings market, ranks 5th with a market capitalization of N57.8 billion, representing 0.36% of the Industrial Goods Index and 0.06% of the All-Share Index.

The company has 814,747,500 outstanding shares, and its stock has advanced 86.84% this year, rising from N38.00 to N71.00.

Total assets as of June 30, 2025, stood at N20.4 billion, consisting of N7.5 billion in cash reserves, N6.1 billion in inventories, and N3.4 billion in property, plant, and equipment.

In H1 2025, revenue grew to N20 billion, up 28.70%, while pretax profit rose by 41% to N3.7 billion.

BETAGLAS (N291.5 billion)

Beta Glass Plc, a producer of glass bottles and glassware, ranks 4th with a market capitalization of N291.5 billion, accounting for 1.79% of the Industrial Goods Index and 0.32% of the All-Share Index.

The company has 599,966,400 outstanding shares, and its stock has been one of the biggest gainers in 2025, skyrocketing by 648.84% from N64.90 to N486.00.

Total assets stood at N169.3 billion at mid-year 2025, with receivables valued at N69.9 billion and property, plant, and equipment at N64.3 billion.

Revenue nearly doubled to N78.2 billion, while pretax profit rose to N27.6 billion, up 337.32%.

LAFARGE (N2.01 trillion)

Lafarge Africa Plc, a major player in the Nigerian cement industry, ranks 3rd with a market capitalization of N2.01 trillion. This gives it 12.38% of the Industrial Index and 2.24% of the All-Share Index.

The company has 16,107,795,721 outstanding shares, and its stock has appreciated 78.7% in 2025, rising from N69.75 to N125.00.

Lafarge’s total assets reached N1.02 trillion as of June 30, 2025, with property, plant, and equipment valued at N422.2 billion and cash and cash equivalents of N210 billion.

For H1 2025, revenue hit N516.9 billion, while pretax profit surged to N199.7 billion, a dramatic improvement from N46.6 billion in the same period last year.

BUA CEMENT (N5.14 trillion)

BUA Cement Plc, one of the nation’s largest cement producers, secures the 2nd spot with a market capitalization of N5.14 trillion. It accounts for 31.6% of the Industrial Goods Index and 5.73% of the All-Share Index.

The company has 33,864,354,060 outstanding shares, and its stock has gained 63.23% this year, moving from N93.00 to N151.80.

As of June 30, 2025, BUA Cement reported total assets of N1.61 trillion, including N1.13 trillion in property, plant, and equipment.

Revenue reached N580.3 billion in H1 2025, while pretax profit jumped fivefold to N214.8 billion.

DANGOTE CEMENT (N8.7 trillion)

Dangote Cement Plc tops the ranking with a market capitalization of N8.7 trillion. This cement heavyweight alone represents 53.5% of the Industrial Goods Index and 9.71% of the All-Share Index.

The company has 16,873,559,251 outstanding shares, and although its year-to-date price gain of 7.81% (from N478.80 to N516.20) is modest compared to others, its sheer scale ensures dominance.

As of June 30, 2025, Dangote Cement’s assets reached N6.6 trillion, with property, plant, and equipment accounting for N3.4 trillion and receivables for N1.03 trillion.

Revenue rose to N2.07 trillion, up 17.70%, while pretax profit surged to N730 billion, up from N292.9 billion a year earlier.