Declared Dividend • May 14
Dividend of ₦0.50 announced Shareholders will receive a dividend of ₦0.50. Ex-date: 5th June 2026 Payment date: 24th June 2026 Dividend yield will be 1.2%, which is lower than the industry average of 2.8%. Sustainability & Growth Dividend is covered by earnings (30% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 29% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 27% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • May 05
First quarter 2026 earnings released: EPS: ₦0.57 (vs ₦0.44 in 1Q 2025) First quarter 2026 results: EPS: ₦0.57 (up from ₦0.44 in 1Q 2025). Revenue: ₦2.14b (flat on 1Q 2025). Net income: ₦285.2m (up 20% from 1Q 2025). Profit margin: 13% (up from 11% in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 92% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Apr 28
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 5 non-independent directors. Independent Non-Executive Director Olusola Oworu was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Feb 01
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 11% Last year net profit margin: 19% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (11% net profit margin). Market cap is less than US$100m (₦23.0b market cap, or US$16.6m). Reported Earnings • Jan 31
Full year 2025 earnings released: EPS: ₦3.05 (vs ₦2.95 in FY 2024) Full year 2025 results: EPS: ₦3.05 (up from ₦2.95 in FY 2024). Revenue: ₦8.30b (flat on FY 2024). Net income: ₦1.67b (up 3.1% from FY 2024). Profit margin: 20% (in line with FY 2024). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 65% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jan 19
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 33% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks High level of non-cash earnings (29% accrual ratio). Shareholders have been substantially diluted in the past year (33% increase in shares outstanding). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (9.7% net profit margin). Market cap is less than US$100m (₦28.3b market cap, or US$19.9m). Valuation Update With 7 Day Price Move • Jan 12
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₦38.70, the stock trades at a trailing P/E ratio of 24.8x. Average trailing P/E is 12x in the Chemicals industry in Africa. Total returns to shareholders of 579% over the past three years. Board Change • Dec 30
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Non-Executive Director Olusola Oworu was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 17
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 7 non-independent directors. Independent Non-Executive Director Olusola Oworu was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Oct 08
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 7 non-independent directors. Independent Non-Executive Director Olusola Oworu was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Sep 08
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 7 non-independent directors. Independent Non-Executive Director Olusola Oworu was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Aug 01
Second quarter 2025 earnings released: EPS: ₦0.48 (vs ₦1.03 in 2Q 2024) Second quarter 2025 results: EPS: ₦0.48 (down from ₦1.03 in 2Q 2024). Revenue: ₦2.19b (up 5.6% from 2Q 2024). Net income: ₦238.1m (down 58% from 2Q 2024). Profit margin: 11% (down from 27% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has increased by 65% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 28
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Nigerian stocks, typically moving 9.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (59% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Share price has been volatile over the past 3 months (9.4% average weekly change). Profit margins are more than 30% lower than last year (10% net profit margin). Market cap is less than US$100m (₦25.3b market cap, or US$16.5m). Board Change • Jul 09
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 7 non-independent directors. Independent Non-Executive Director Olusola Oworu was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. New Risk • Jun 04
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 10% Last year net profit margin: 27% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk High level of non-cash earnings (59% accrual ratio). Minor Risks Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (10% net profit margin). Market cap is less than US$100m (₦18.5b market cap, or US$11.7m). Upcoming Dividend • May 30
Upcoming dividend of ₦0.80 per share Eligible shareholders must have bought the stock before 06 June 2025. Payment date: 25 June 2025. Payout ratio is a comfortable 25% but the company is not cash flow positive. Trailing yield: 2.4%. Lower than top quartile of Nigerian dividend payers (5.6%). Lower than average of industry peers (8.5%). Valuation Update With 7 Day Price Move • May 30
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to ₦33.65, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 9x in the Chemicals industry in Africa. Total returns to shareholders of 324% over the past three years. Board Change • May 13
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 7 non-independent directors. Independent Non-Executive Director Olusola Oworu was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Apr 16
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 7 non-independent directors. Independent Non-Executive Director Olusola Oworu was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Jan 10
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was an independent director. The company's board is composed of: 1 new director. 4 experienced directors. 4 highly experienced directors. 2 independent directors (7 non-independent directors). Independent Non-Executive Director Patricia Opene-Odili was the last independent director to join the board, commencing their role in 2024. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Reported Earnings • Oct 31
Third quarter 2024 earnings released: EPS: ₦0.04 (vs ₦0.48 in 3Q 2023) Third quarter 2024 results: EPS: ₦0.04 (down from ₦0.48 in 3Q 2023). Revenue: ₦2.54b (up 69% from 3Q 2023). Net income: ₦21.4m (down 91% from 3Q 2023). Profit margin: 0.8% (down from 16% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 63% per year whereas the company’s share price has increased by 59% per year. Valuation Update With 7 Day Price Move • Sep 02
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₦29.00, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 9x in the Chemicals industry in Africa. Total returns to shareholders of 225% over the past three years. Valuation Update With 7 Day Price Move • Aug 06
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to ₦15.70, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 10x in the Chemicals industry in Africa. Total returns to shareholders of 123% over the past three years. Reported Earnings • Aug 01
Second quarter 2024 earnings released: EPS: ₦1.13 (vs ₦0.37 in 2Q 2023) Second quarter 2024 results: EPS: ₦1.13 (up from ₦0.37 in 2Q 2023). Revenue: ₦2.08b (up 46% from 2Q 2023). Net income: ₦564.6m (up 204% from 2Q 2023). Profit margin: 27% (up from 13% in 2Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jun 07
Upcoming dividend of ₦0.50 per share Eligible shareholders must have bought the stock before 14 June 2024. Payment date: 02 July 2024. Payout ratio is a comfortable 15% and this is well supported by cash flows. Trailing yield: 4.0%. Lower than top quartile of Nigerian dividend payers (7.1%). Lower than average of industry peers (10%). Reported Earnings • May 01
First quarter 2024 earnings released: EPS: ₦0.002 (vs ₦0.33 in 1Q 2023) First quarter 2024 results: EPS: ₦0.002. Revenue: ₦1.57b (up 15% from 1Q 2023). Net income: ₦962.3m (up 492% from 1Q 2023). Profit margin: 61% (up from 12% in 1Q 2023). The increase in margin was primarily driven by lower expenses. Reported Earnings • Feb 02
Full year 2023 earnings released: EPS: ₦1.84 (vs ₦0.90 in FY 2022) Full year 2023 results: EPS: ₦1.84 (up from ₦0.90 in FY 2022). Revenue: ₦6.08b (up 14% from FY 2022). Net income: ₦920.1m (up 105% from FY 2022). Profit margin: 15% (up from 8.4% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 8% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ₦10.15, the stock trades at a trailing P/E ratio of 7.8x. Average trailing P/E is 10x in the Chemicals industry in Africa. Total returns to shareholders of 53% over the past three years. Reported Earnings • Aug 10
Second quarter 2023 earnings released: EPS: ₦0.37 (vs ₦0.28 in 2Q 2022) Second quarter 2023 results: EPS: ₦0.37 (up from ₦0.28 in 2Q 2022). Revenue: ₦1.42b (up 14% from 2Q 2022). Net income: ₦186.0m (up 35% from 2Q 2022). Profit margin: 13% (up from 11% in 2Q 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 31% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Jun 30
Upcoming dividend of ₦0.40 per share at 4.3% yield Eligible shareholders must have bought the stock before 07 July 2023. Payment date: 25 July 2023. Payout ratio is a comfortable 45% but the company is not cash flow positive. Trailing yield: 4.3%. Lower than top quartile of Nigerian dividend payers (7.0%). Lower than average of industry peers (6.2%). Valuation Update With 7 Day Price Move • May 31
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to ₦8.40, the stock trades at a trailing P/E ratio of 9.4x. Average trailing P/E is 9x in the Chemicals industry in Nigeria. Total returns to shareholders of 183% over the past three years. Reported Earnings • Jan 27
Full year 2022 earnings released: EPS: ₦0.93 (vs ₦0.74 in FY 2021) Full year 2022 results: EPS: ₦0.93 (up from ₦0.74 in FY 2021). Revenue: ₦5.34b (up 44% from FY 2021). Net income: ₦466.1m (up 25% from FY 2021). Profit margin: 8.7% (down from 10% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 1% per year but the company’s share price has increased by 23% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Nov 16
No independent directors Following the recent departure of a director, there are no independent directors on the board. The company's board is composed of: No independent directors. 9 non-independent directors. Non-Executive Director Aminu Ado was the last director to join the board, commencing their role in 2022. The company's lack of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 26
Third quarter 2022 earnings released: EPS: ₦0.22 (vs ₦0.21 in 3Q 2021) Third quarter 2022 results: EPS: ₦0.22. Revenue: ₦1.43b (up 49% from 3Q 2021). Net income: ₦90.7m (down 11% from 3Q 2021). Profit margin: 6.3% (down from 11% in 3Q 2021). The decrease in margin was driven by higher expenses. Reported Earnings • Jul 31
Second quarter 2022 earnings released Second quarter 2022 results: Revenue: ₦1.25b (up 26% from 2Q 2021). Net income: ₦138.2m (up 28% from 2Q 2021). Profit margin: 11% (in line with 2Q 2021). Valuation Update With 7 Day Price Move • May 26
Investor sentiment improved over the past week After last week's 21% share price gain to ₦11.00, the stock trades at a trailing P/E ratio of 10.4x. Average trailing P/E is 10x in the Chemicals industry in Africa. Total returns to shareholders of 229% over the past three years. Reported Earnings • Apr 27
First quarter 2022 earnings released: EPS: ₦0.31 (vs ₦0.14 in 1Q 2021) First quarter 2022 results: EPS: ₦0.31 (up from ₦0.14 in 1Q 2021). Revenue: ₦1.13b (up 45% from 1Q 2021). Net income: ₦130.6m (up 117% from 1Q 2021). Profit margin: 12% (up from 7.7% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 23% per year whereas the company’s share price has increased by 27% per year. Board Change • Apr 27
No independent directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 3 experienced directors. 2 highly experienced directors. No independent directors (5 non-independent directors). MD, CEO & Executive Director Ayodeji Oseni was the last director to join the board, commencing their role in 2016. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of independent directors. Insufficient board refreshment. Reported Earnings • Jan 28
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: ₦0.88 (up from ₦0.70 in FY 2020). Revenue: ₦3.70b (up 17% from FY 2020). Net income: ₦367.8m (up 26% from FY 2020). Profit margin: 9.9% (in line with FY 2020). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 17% per year but the company’s share price has increased by 36% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Aug 19
Investor sentiment improved over the past week After last week's 21% share price gain to ₦11.10, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 12x in the Chemicals industry in Africa. Total returns to shareholders of 228% over the past three years. Valuation Update With 7 Day Price Move • Jul 29
Investor sentiment improved over the past week After last week's 19% share price gain to ₦9.20, the stock trades at a trailing P/E ratio of 11.8x. Average trailing P/E is 12x in the Chemicals industry in Africa. Total returns to shareholders of 172% over the past three years. Reported Earnings • Jul 23
Second quarter 2021 earnings released: EPS ₦0.26 (vs ₦0.05 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: ₦992.6m (up 53% from 2Q 2020). Net income: ₦108.2m (up 412% from 2Q 2020). Profit margin: 11% (up from 3.2% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 17% per year whereas the company’s share price has increased by 22% per year. Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment deteriorated over the past week After last week's 19% share price decline to ₦8.55, the stock trades at a trailing P/E ratio of 14.2x. Average trailing P/E is 11x in the Chemicals industry in Africa. Total returns to shareholders of 153% over the past three years. Upcoming Dividend • Jun 01
Upcoming dividend of ₦0.50 per share Eligible shareholders must have bought the stock before 07 June 2021. Payment date: 25 June 2021. Trailing yield: 4.5%. Lower than top quartile of Nigerien dividend payers (8.2%). Lower than average of industry peers (5.6%). Reported Earnings • Apr 01
Full year 2020 earnings released: EPS ₦0.70 (vs ₦0.52 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: ₦3.17b (up 3.3% from FY 2019). Net income: ₦292.1m (up 35% from FY 2019). Profit margin: 9.2% (up from 7.0% in FY 2019). Over the last 3 years on average, earnings per share has increased by 35% per year but the company’s share price has increased by 44% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Jan 18
Investor sentiment improved over the past week After last week's 21% share price gain to ₦13.77, the stock is trading at a trailing P/E ratio of 20.7x, up from the previous P/E ratio of 17.1x. This compares to an average P/E of 10x in the Chemicals industry in Africa. Total returns to shareholders over the past three years are 273%. Is New 90 Day High Low • Jan 18
New 90-day high: ₦13.77 The company is up 224% from its price of ₦4.25 on 20 October 2020. The Nigerien market is up 37% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 4.0% over the same period. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improved over the past week After last week's 21% share price gain to ₦10.50, the stock is trading at a trailing P/E ratio of 15.7x, up from the previous P/E ratio of 13x. This compares to an average P/E of 10x in the Chemicals industry in Africa. Total returns to shareholders over the past three years are 184%. Is New 90 Day High Low • Dec 29
New 90-day high: ₦9.57 The company is up 125% from its price of ₦4.25 on 30 September 2020. The Nigerien market is up 38% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 4.0% over the same period. Valuation Update With 7 Day Price Move • Dec 29
Investor sentiment improved over the past week After last week's 21% share price gain to ₦9.57, the stock is trading at a trailing P/E ratio of 14.4x, up from the previous P/E ratio of 11.9x. This compares to an average P/E of 10x in the Chemicals industry in Africa. Total returns to shareholders over the past three years are 159%. Valuation Update With 7 Day Price Move • Dec 23
Investor sentiment improved over the past week After last week's 21% share price gain to ₦8.70, the stock is trading at a trailing P/E ratio of 13x, up from the previous P/E ratio of 10.8x. This compares to an average P/E of 10x in the Chemicals industry in Africa. Total returns to shareholders over the past three years are 136%. Is New 90 Day High Low • Dec 14
New 90-day high: ₦7.20 The company is up 65% from its price of ₦4.36 on 15 September 2020. The Nigerien market is up 30% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Chemicals industry, which is up 3.0% over the same period. Valuation Update With 7 Day Price Move • Nov 20
Market bids up stock over the past week After last week's 40% share price gain to ₦6.77, the stock is trading at a trailing P/E ratio of 2.8x, up from the previous P/E ratio of 2x. This compares to an average P/E of 9x in the Chemicals industry in Africa. Total returns to shareholders over the past three years are 83%. Announcement • Nov 18
TY Holdings Ltd entered into a binding share purchase agreement to acquire 59.45% stake in BOC Gases Nigeria plc (NGSE:BOCGAS) from B O C Holdings. TY Holdings Ltd entered into a binding share purchase agreement to acquire 59.45% stake in BOC Gases Nigeria plc (NGSE:BOCGAS) from B O C Holdings on November 16, 2020. Transaction is subject to customary closing conditions, including requisite regulatory approvals being obtained from The NSE, the Nigerian Securities and Exchange Commission and the Federal Competition and Consumer Protection Commission. Reported Earnings • Nov 16
Third quarter 2020 earnings released: EPS ₦0.16 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: ₦870.9m (up 27% from 3Q 2019). Net income: ₦67.2m (up ₦64.2m from 3Q 2019). Profit margin: 7.7% (up from 0.4% in 3Q 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Oct 30
New 90-day high: ₦4.84 The company is up 7.0% from its price of ₦4.51 on 29 July 2020. The Nigerien market is up 19% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Chemicals industry, which is up 1.0% over the same period. Is New 90 Day High Low • Sep 24
New 90-day low: ₦4.25 The company is down 6.0% from its price of ₦4.51 on 26 June 2020. The Nigerien market is up 3.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Chemicals industry, which is down 2.0% over the same period.