Beta Glass Company Plc and Tripple Gee & Co Plc have been outstanding this year, driving the industrial index 39.24% YtD gain so far this year.
Both companies are listed under the Industrial Goods and Packaging/Containers sector and subsector respectively.
Beta Glass share price has gained 649% YtD this year, ranking the best performing stock on the NGX, while Tripple Gee is 24th in ranking with YtD gain of 173%.
But while both names have rewarded shareholders handsomely, a closer look beneath the surface reveals striking differences in scale, profitability, financial health, and value.
Tripple Gee has a market capitalization of just N5.54 billion, which is about 0.0062% of the NGX equity market. On the other hand, Beta Glass has a market capitalization of N292 billion and is the 34th most capitalized stock on the NGX
Looking deeper, Beta Glass is trading at a market premium relative to its net assets of N81.73 billion, meaning investors are willing to pay significantly above its book value because maybe they expect strong earnings, growth prospects, and resilience in its business model.
On the other hand, Tripple Gee has negative net assets of –N558 million, which technically means the company’s liabilities outweigh its assets.
Yet, it still commands a N5.54 billion valuation on the market. This suggests the stock is trading at a very high premium to book value, possibly fueled by speculation, investor sentiment, or growth expectations rather than solid fundamentals.
Let’s find out which of them, despite the strong share price rallies far above large-cap companies like Dangote Cement, Bua Cement, and WAPCO, perform.
Over the past five years, Beta Glass has accumulated N33.7 billion in profit, growing at a CAGR of 20.1%, compared to Tripple Gee’s accumulated loss of N1.1 billion.
In its latest filing, which is for the year ended March 31, 2025, Tripple Gee sustained a loss after tax of N1.4 billion, wiping out the profit recorded in the previous four years.
For Beta Glass, its latest filing, which is H1 2025, shows significant growth in profit, with profit after tax up 334% reaching N18.706 billion. with margins improving to 24%.
On the balance sheet side, both companies are leveraged, but with different levels of risk.
For investors, this contrast highlights why Beta Glass is better positioned to deliver long-term value, while Tripple Gee’s momentum could prove short-lived.
While Tripple Gee has struggled with accumulated losses over the years, its cash flow picture tells a slightly better story.
Over the past five years, the company generated a cumulative operating cash flow of N1.4 billion, showing that its core operations are still capable of producing liquidity.
Over the past five years, the company generated a cumulative operating cash flow of N1.4 billion, showing that its core operations are still capable of producing liquidity.
However, this has not translated into strength when adjusted for capital expenditure, as free cash flow came in negative at -N2.316 billion, highlighting weak financial flexibility.
In contrast, Beta Glass not only delivered strong profitability but also backed it up with even stronger cash flow generation.
Over the same five-year period, it recorded N47.313 billion in cumulative operating cash flow, a figure that significantly outpaces its cumulative profit of N33.7 billion.
This indicates high-quality earnings with solid cash conversion. Even after capex, free cash flow stood positive at N13.399 billion, providing a clear buffer for reinvestment, debt servicing, and shareholder value creation.
On valuation metrics, Beta Glass comes out ahead. The stock trades at a price-to-earnings (P/E) ratio of 10.4x, which is reasonable given its strong profitability and growth trajectory. This provides investors with a tangible basis for assessing earnings relative to price.
By contrast, Tripple Gee cannot be valued on P/E terms due to its loss position and negative net book value, which distorts traditional valuation metrics. The alternative measure, its price-to-sales ratio of 3.03x, is still less attractive compared to Beta Glass’s 1.9x, suggesting investors are paying more per unit of revenue for a weaker-performing company.
Taken together, Beta Glass clearly leads on profitability, scale, and cash flow strength, underpinned by better valuation metrics and manageable leverage, even if debt has ticked up in recent periods. Its ability to consistently convert profits into strong operating and free cash flows gives it a solid fundamental base to sustain investor confidence.
Tripple Gee, on the other hand, is weighed down by accumulated losses, negative shareholder equity, and heavy debt relative to its asset base. While trading activity has sparked some speculative rallies, its fundamentals loss position, weaker cash flows, and stretched valuation leave little to support sustained momentum.
Overall, Beta Glass is a solid buy; strong profits, good cash flow, and fair value make it a good long-term investment.
Tripple Gee is more of a gamble; the rally looks speculative because the company has losses, high debt, and weak fundamentals. It’s not suited for long-term investors.