SECTOR GUIDE · INDUSTRIALS
Nigerian industrial stocks, compared
The industrials side by side
Figures as of the 20 Oct 2026 close. Click a ticker for the full stock page.
| Company | What it makes | Price | Market value |
|---|---|---|---|
| DANGCEM | Cement | ₦1,008.00 | ₦17.0tn |
| BUACEMENT | Cement | ₦297.00 | ₦10.1tn |
| HBMNG | Cement (Lafarge Africa: Elephant, AshakaCem, UniCem) | ₦379.00 | ₦6.1tn |
| BETAGLAS | Glass bottles and jars | ₦511.50 | ₦306.9bn |
| CAP | Paints (Dulux) | ₦108.50 | ₦88.4bn |
| BERGER | Paints | ₦147.60 | ₦42.8bn |
| CUTIX | Cables and wires | ₦2.33 | ₦16.4bn |
| MEYER | Paints | ₦15.95 | ₦8.5bn |
| AUSTINLAZ | Ice machines, coolers, roofing sheets | ₦3.53 | ₦3.8bn |
| PREMPAINTS | Paints | ₦30.40 | ₦3.7bn |
| TRIPPLEG | Security printing and packaging | ₦3.09 | ₦3.1bn |
What the numbers are saying
- The trio prices the construction cycle: cement demand tracks government capital projects and private building. All three makers have real pricing power, and the 2025 price rounds held. When construction slows, this whole sector feels it at once.
- They are not priced alike: on reported FY2025 profits, Dangote Cement trades at 16.8x one year’s profit, Lafarge Africa (HBMNG) at about 22.4x and BUA Cement at 28.2x. The market pays the highest premium for BUA’s expansion story, and the lowest for the biggest and most diversified maker.
- Lafarge had the standout year: FY2025 profit up 173% to ₦273bn, debt paid down to zero, and a ₦10 per share total dividend. Note the name change: after Huaxin Cement bought Holcim’s controlling stake, the shares trade as HBMNG, and older data sources still call the company WAPCO.
- Energy is the margin line: cement kilns burn gas. Gas prices and supply disruptions reach cement margins before anything else, and the same energy and FX pressures squeeze the paint makers (imported resins) and Cutix (copper and aluminium) further down the table.
- The tail is tiny and thin: after the trio, the largest name is worth about 2% of Dangote Cement. Several of these stocks trade by appointment, and small print matters: Austin Laz, for example, reported nil turnover in FY2025 while it retooled its plant. Read the filings before the price chart.
Quick summary
- Cement is 99% of this sector: start with the trio and treat everything else as small-cap territory.
- On FY2025 earnings, Dangote Cement is the cheapest of the trio and BUA Cement the premium name.
- Watch gas costs, cement price rounds and government capital spending: they move the whole sector together.
Go deeper
Sources: Nairaview market data (Nigerian Exchange), 20 Oct 2026 close; FY2025 profits as reported in audited company results, including Proshare’s analysis of Lafarge Africa’s FY2025 results. Verified 21 Oct 2026. Not investment advice.