Three listed firms—Betaglass Plc, Honeywell Flour Mills Plc, and The Initiates Plc (TIP)—have emerged as the top-performing stocks on the Nigerian Exchange Limited (NGX) in the first half of 2025, delivering exceptional gains of over 200% amid broader market uncertainties.
Collectively commanding a market capitalisation of N377 billion, these firms outpaced their peers and became investor favorites, thanks to stellar earnings, operational upgrades, and revived business confidence.
Betaglass Plc topped the NGX performance chart, delivering an eye-popping 415% year-to-date return. Starting 2025 at N64.90 per share, the stock soared to N333.95 by June 30, driven by outstanding financial results and strategic capital expenditure.
The company’s FY2024 pre-tax profit rose by 122.9% to N21 billion, from N9.4 billion in 2023, while Q1 2025 results saw a further leap with N15.2 billion in profit, up 639% year-on-year. Revenue for the quarter also jumped 69.3% to N41.1 billion.
Analysts attribute the surge to strategic reinvestment, particularly a major furnace upgrade at its Agbara plant, which increased daily output by 30 tons and extended the facility’s operational lifespan by a decade—moves that signalled sustainable growth and long-term investor value.
Honeywell Flour Mills Plc, which began the year at N6.30 per share, saw a 241% jump to N21.50. This recovery was underpinned by a dramatic turnaround in financial performance, bouncing back from a ₦10.12 billion pre-tax loss in 2024 to a ₦21.4 billion profit in Q1 2025.
The company’s Q1 revenue nearly doubled to N373.5 billion, supported by improved cost controls and rising demand in the consumer staples sector.
As a producer of everyday food staples like flour and semolina, Honeywell benefits from consistent consumer demand—especially in inflationary climates. Analysts believe the company’s fundamentals, liquidity strength, and market positioning made it attractive to institutional and retail investors alike. Honeywell also recorded over N4 billion in share trades during Q1, reflecting strong market interest.
The Initiates Plc (TIP), with a modest market capitalisation of N7.34 billion, also made headlines with a 230% year-to-date gain. Starting the year at N2.50, TIP’s share price rallied to N8.25, benefiting largely from technical momentum and sustained investor demand.
While TIP’s growth wasn’t driven by blockbuster earnings like its peers, market operators noted that the stock consistently traded near its 52-week high, a sign of bullish sentiment and confidence in the company’s long-term prospects in the waste management and industrial services space.
TIP’s performance reflects growing investor interest in small-cap stocks with expansion potential, especially those aligned with environmental and industrial sustainability.
Market analysts believe that the exceptional performance of these stocks reflects renewed investor confidence in Nigeria’s capital market, despite broader economic volatility. The NGX All-Share Index (ASI) has also shown signs of resilience, driven by increased foreign portfolio inflows and corporate reforms.
Speaking to Guardian Nigeria, investment analyst Chuka Okoye said, “These companies have demonstrated what the market rewards—strong fundamentals, operational resilience, and clear growth strategy. Investors are no longer just betting on speculation but on real, quantifiable performance.”
With more companies set to release H1 2025 earnings, market watchers say the performance of Betaglass, Honeywell, and TIP sets the tone for renewed optimism and greater participation in the equities space.