A total of five industrial goods companies with assets above N20 billion reported a combined N9.31 trillion for the financial year ended December 2025, highlighting sector growth.
This represents an increase from N9.1 trillion in 2024, while the five companies’ average return on assets (ROA) rose sharply from 10.4% to 20.3% in 2025, reflecting stronger profitability from their asset base.
Tracked by the NGX Industrial Goods Index, the sector’s companies held total assets of N9.34 trillion in 2025, with the five largest (each holding assets above N20 billion) accounting for 99.7%.
For the five companies, non-current assets accounted for N5.9 trillion, while current assets totaled N3.3 trillion, signaling solid long-term investment positions.
With that, here are the five industrial goods companies currently holding total assets above N20 billion.
Chemical & Allied Products Plc (N24.7 billion)
Chemical & Allied Products Plc ranks fifth on the list, with total assets of N24.7 billion, making it one of the sector’s companies with an asset base above N20 billion.
This represents a 25.5% year-on-year increase from N19.6 billion in 2024, with its return on assets rising from 19.3% to 24.7%, reflecting strong profitability from its asset base.
Accounting for about 0.26% of the sector’s total assets, the company’s balance sheet is dominated by current assets of N21 billion, including cash and equivalents of N11.7 billion.
On the income statement, pre-tax profit reached N9.1 billion, up 50.51% from N6.06 billion in 2024, with the fourth quarter alone contributing N3.6 billion, an 84.08% increase year-on-year.
The robust performance was driven by strong sales, higher other income, and a significant rise in finance income, highlighting operational efficiency and revenue diversification.
For the full year, revenue grew 23.36% to N44.8 billion, almost entirely from paint sales (N44.8 billion, 99.9%), with services adding a modest N46.2 million. The company’s stock has gained over 43% year-to-date with a market cap of N80.6 billion.
Beta Glass Plc (N184.3 billion)
Beta Glass Plc holds the fourth spot, reporting total assets of N184.3 billion, reflecting its strong presence among the top industrial goods companies.
The company’s asset base grew 37.2% year-on-year from N134.3 billion in 2024, with return on assets climbing from 10.14% to 18.15%, signaling enhanced profitability from assets.
Representing roughly 2% of the sector’s total assets, Beta Glass’s balance sheet is dominated by current assets of N115.1 billion, led by trade and other receivables totaling N72.3 billion.
Profit before tax jumped 155% to N50.65 billion in 2025, compared with N19.90 billion the previous year, driven primarily by strong local sales of bottles and glassware.
The surge in earnings reflects higher operational efficiency, improved sales volume, and favorable market demand across its product lines.
On the Nigerian Exchange, the company’s stock has risen over 34% year-to-date, supporting a market capitalization of N229 billion.
Lafarge Plc (N1.20 trillion)
Lafarge Plc ranks third on the list, with total assets of N1.20 trillion, reflecting its strong position among industrial goods companies in Nigeria.
The company’s assets grew 21.9% from N990.5 billion in 2024, while return on assets surged from 10.11% to 22.61% in 2025, highlighting strong profitability from its asset base.
Accounting for roughly 12% of the industrial goods sector’s cumulative assets, the company’s balance sheet is dominated by non-current assets of N648.5 billion, led by property, plant, and equipment.
Pre-tax profit soared 170% to N411.3 billion, driven by revenue of N1.06 trillion, with cement sales making up 97.19% and aggregates, concrete, and other products contributing to the remainder.
On the Nigerian Exchange, Lafarge’s stock has climbed over 70% year-to-date, giving it a market capitalization of N3.6 trillion.
BUA Cement Plc (N1.85 trillion)
BUA Cement Plc ranks second, reporting total assets of N1.85 trillion, reflecting its significant position among industrial goods leaders in Nigeria.
The company’s assets rose 18.2% from N1.57 trillion in 2024, while return on assets jumped from 4.7% to 19.2% in 2025, reflecting strong profitability and efficient asset utilization.
Representing roughly 19.9% of the sector’s total assets tracked by the NGX Industrial Goods Index, non-current assets dominate the balance sheet, led by property, plant, and equipment valued at N1.17 trillion.
Pre-tax profit surged to N465.2 billion, a remarkable 367% increase from N99.63 billion in 2024.
Revenue for the year climbed 34.56% to N1.17 trillion from N876.47 billion, driven largely by robust sales of bagged cement.
On the Nigerian Exchange, BUA Cement’s stock has gained over 83% year-to-date, supporting a market capitalization of N11.06 trillion.
Dangote Cement Plc (N6.04 trillion)
Dangote Cement Plc leads the list with total assets of N6.04 trillion, slightly down from N6.4 trillion in 2024, yet maintaining its dominant position in the industrial goods sector.
Despite the 5.7% decline in total assets, return on assets jumped from 7.86% in 2024 to 16.80% in 2025, highlighting enhanced profitability.
The company represents approximately 64.7% of the sector’s total assets tracked by the NGX Industrial Goods Index, with property, plant, and equipment valued at N3.9 trillion forming the largest component.
Pre-tax profit rose 109% to N1.53 trillion, compared with N732.5 billion in 2024, fueled by revenue growth and a significant reduction in finance costs.
Revenue for the year increased 20% year-on-year to N4.31 trillion from N3.58 trillion, with cement and clinker sales forming the bulk, and Nigeria driving growth with N2.9 trillion in domestic sales.
Dangote Cement’s stock has gained over 33% year-to-date on the Nigerian Exchange, supporting a market capitalization of N13.6 trillion.
