Top 5 NGX-listed industrial goods companies by revenue in Q1 2026

The top five industrial goods companies on the Nigerian Exchange recorded a combined N1.9 trillion in revenue during the first quarter of 2026, highlighting the sector’s strong position in the economy.

This was a 22% increase from the N1.5 trillion reported in Q1 2025, supporting both operating performance and overall profitability across the companies.

Despite higher operating costs during the period, the companies still posted a combined operating profit of N841.8 billion, representing a 39% increase from N604.6 billion a year earlier.

The strong performance also lifted bottom-line earnings, with combined post-tax profit rising 72.7% to N604.8 billion, while retained earnings grew from N2.58 trillion to N3.18 trillion.

Here are the top five Nigerian industrial goods companies ranked by revenue in the first quarter of 2026.

Chemical & Allied Products— N11.59billion 

Chemical & Allied Products Plc ranked fifth among Nigeria’s top industrial goods companies after reporting N11.59 billion in revenue for the first quarter of 2026, driven entirely by paint product sales.

The result represented a 14.90% year-on-year increase from N10.08 billion recorded in the same period of 2025, reflecting stronger demand and improved sales performance.

After accounting for the cost of sales of N6.5 billion, the company posted a gross profit of N5.08 billion, while additional income of N119.9 million also supported earnings growth.

The extra income came mainly from management fees of N86.4 million and scrap sales of N31.8 million, supporting operating profit rise to N2.1 billion from N1.5 billion previously.

Post-tax profit climbed to N1.5 billion from N1.1 billion, while retained earnings increased to N13.9 billion from N12.3 billion during the period.

Shares of the company have returned more than 238% on the Nigerian Exchange this year, with much of the rally coming after it declared a N4 dividend per ordinary share of 50 kobo in late March 2026.

Beta Glass — N37.54 billion 

Beta Glass Plc secured the fourth position among Nigeria’s leading industrial goods companies after posting N37.5 billion in revenue for the first quarter of 2026 from its glassware and bottle business.

Although revenue remained strong, the figure represented an 8.81% decline from the N41.16 billion reported a year earlier, with domestic sales accounting for nearly all earnings during the period.

Production costs remained significant, as cost of sales of N23.8 billion reduced gross profit to N13.7 billion, compared to N16 billion recorded in Q1 2025.

The company also generated N1.09 billion in additional income, mainly from transport-related activities, supporting operating profit which settled at N12.7 billion despite slowing from the prior year.

Even with softer earnings, Beta Glass still delivered N7.8 billion in post-tax profit, grew retained earnings to N101.07 billion, and has seen its share price rise more than 54% year-to-date.

Lafarge Africa — N334.8 billion 

Lafarge Africa Plc claimed the third spot among Nigeria’s top industrial goods companies after recording N334.88 billion in revenue during the first quarter of 2026.

The performance represented a 34.84% increase from N248.3 billion reported a year earlier, with cement sales contributing 97.8% of total revenue while aggregates and concrete accounted for most of the balance.

Following cost of sales of N129.3 billion, gross profit surged to N205.4 billion from N122.9 billion in Q1 2025, highlighting stronger margins and improved operating efficiency in Q1 2026.

The company also recorded N207.5 million in other income, mainly from scrap sales and miscellaneous sources, supporting operating profit to N141.2 billion from N71.6 billion.

Post-tax profit climbed 101.37% year-on-year to N97.9 billion, retained earnings expanded to N602.8 billion, and the stock has gained more than 149% over the past year on the Nigerian Exchange.

BUA Cement — N354.9 billion 

BUA Cement Plc ranked second among Nigeria’s highest-earning industrial goods companies after posting N354.9 billion in revenue during the first quarter of 2026.

The figure marked a 22.06% increase from N290.8 billion recorded in the corresponding period of 2025, with bagged cement contributing almost all sales while bulk cement generated N14.3 billion.

After deducting cost of sales of N153.07 billion, gross profit climbed sharply to N201.8 billion from N138.7 billion, reflecting stronger pricing and improved earnings quality.

The company also recorded N320.3 million in other income from sundry earnings, government grants, and insurance-related income, helping operating profit rise to N179.5 billion from N119.03 billion.

Post-tax profit more than doubled to N176.3 billion, retained earnings expanded to N638.6 billion, and the stock has gained over 143% year-to-date following its N28 final dividend announcement in March 2026.

Dangote Cement — N1.19 trillion revenue 

Dangote Cement Plc led Nigeria’s industrial goods sector in the first quarter of 2026 after posting revenue of N1.19 trillion, representing a 20.45% increase from N994.6 billion recorded a year earlier.

Nearly all revenue came from cement and clinker sales, reinforcing the company’s dominance in its core business as stronger demand continued to support top-line growth during the period.

Although cost of sales rose 10.18% to N448.7 billion, gross profit still climbed significantly to N749.3 billion from N587.3 billion, reflecting improved operating strength and higher sales volumes.

After accounting for operating expenses, finance income, lower finance costs, and gains on net monetary position, pretax profit reached N421.1 billion, while profit after tax rose to N321.09 billion from N209.2 billion.

Retained earnings increased to N1.8 trillion, earnings per share advanced to N19.14, and the stock has gained over 93% year-to-date on the Nigerian Exchange, following a final dividend declaration of N45 per share.

The top five industrial goods companies on the Nigerian Exchange recorded a combined N1.9 trillion in revenue during the first quarter of 2026, highlighting the sector’s strong position in the economy.

This was a 22% increase from the N1.5 trillion reported in Q1 2025, supporting both operating performance and overall profitability across the companies.

Despite higher operating costs during the period, the companies still posted a combined operating profit of N841.8 billion, representing a 39% increase from N604.6 billion a year earlier.

The strong performance also lifted bottom-line earnings, with combined post-tax profit rising 72.7% to N604.8 billion, while retained earnings grew from N2.58 trillion to N3.18 trillion.

Here are the top five Nigerian industrial goods companies ranked by revenue in the first quarter of 2026.

Chemical & Allied Products— N11.59billion 

Chemical & Allied Products Plc ranked fifth among Nigeria’s top industrial goods companies after reporting N11.59 billion in revenue for the first quarter of 2026, driven entirely by paint product sales.

The result represented a 14.90% year-on-year increase from N10.08 billion recorded in the same period of 2025, reflecting stronger demand and improved sales performance.

After accounting for the cost of sales of N6.5 billion, the company posted a gross profit of N5.08 billion, while additional income of N119.9 million also supported earnings growth.

The extra income came mainly from management fees of N86.4 million and scrap sales of N31.8 million, supporting operating profit rise to N2.1 billion from N1.5 billion previously.

Post-tax profit climbed to N1.5 billion from N1.1 billion, while retained earnings increased to N13.9 billion from N12.3 billion during the period.

Shares of the company have returned more than 238% on the Nigerian Exchange this year, with much of the rally coming after it declared a N4 dividend per ordinary share of 50 kobo in late March 2026.

Beta Glass — N37.54 billion 

Beta Glass Plc secured the fourth position among Nigeria’s leading industrial goods companies after posting N37.5 billion in revenue for the first quarter of 2026 from its glassware and bottle business.

Although revenue remained strong, the figure represented an 8.81% decline from the N41.16 billion reported a year earlier, with domestic sales accounting for nearly all earnings during the period.

Production costs remained significant, as cost of sales of N23.8 billion reduced gross profit to N13.7 billion, compared to N16 billion recorded in Q1 2025.

The company also generated N1.09 billion in additional income, mainly from transport-related activities, supporting operating profit which settled at N12.7 billion despite slowing from the prior year.

Even with softer earnings, Beta Glass still delivered N7.8 billion in post-tax profit, grew retained earnings to N101.07 billion, and has seen its share price rise more than 54% year-to-date.

Lafarge Africa — N334.8 billion 

Lafarge Africa Plc claimed the third spot among Nigeria’s top industrial goods companies after recording N334.88 billion in revenue during the first quarter of 2026.

The performance represented a 34.84% increase from N248.3 billion reported a year earlier, with cement sales contributing 97.8% of total revenue while aggregates and concrete accounted for most of the balance.

Following cost of sales of N129.3 billion, gross profit surged to N205.4 billion from N122.9 billion in Q1 2025, highlighting stronger margins and improved operating efficiency in Q1 2026.

The company also recorded N207.5 million in other income, mainly from scrap sales and miscellaneous sources, supporting operating profit to N141.2 billion from N71.6 billion.

Post-tax profit climbed 101.37% year-on-year to N97.9 billion, retained earnings expanded to N602.8 billion, and the stock has gained more than 149% over the past year on the Nigerian Exchange.

BUA Cement — N354.9 billion 

BUA Cement Plc ranked second among Nigeria’s highest-earning industrial goods companies after posting N354.9 billion in revenue during the first quarter of 2026.

The figure marked a 22.06% increase from N290.8 billion recorded in the corresponding period of 2025, with bagged cement contributing almost all sales while bulk cement generated N14.3 billion.

After deducting cost of sales of N153.07 billion, gross profit climbed sharply to N201.8 billion from N138.7 billion, reflecting stronger pricing and improved earnings quality.

The company also recorded N320.3 million in other income from sundry earnings, government grants, and insurance-related income, helping operating profit rise to N179.5 billion from N119.03 billion.

Post-tax profit more than doubled to N176.3 billion, retained earnings expanded to N638.6 billion, and the stock has gained over 143% year-to-date following its N28 final dividend announcement in March 2026.

Dangote Cement — N1.19 trillion revenue 

Dangote Cement Plc led Nigeria’s industrial goods sector in the first quarter of 2026 after posting revenue of N1.19 trillion, representing a 20.45% increase from N994.6 billion recorded a year earlier.

Nearly all revenue came from cement and clinker sales, reinforcing the company’s dominance in its core business as stronger demand continued to support top-line growth during the period.

Although cost of sales rose 10.18% to N448.7 billion, gross profit still climbed significantly to N749.3 billion from N587.3 billion, reflecting improved operating strength and higher sales volumes.

After accounting for operating expenses, finance income, lower finance costs, and gains on net monetary position, pretax profit reached N421.1 billion, while profit after tax rose to N321.09 billion from N209.2 billion.

Retained earnings increased to N1.8 trillion, earnings per share advanced to N19.14, and the stock has gained over 93% year-to-date on the Nigerian Exchange, following a final dividend declaration of N45 per share.