Tanzania’s industrial and medical gases producer — a small-cap (~TZS 83bn) that re-rated sharply in 2025, with the shares up ~41% year-to-date on steady, growing quarterly profits.
The analysis — key observations
- Steady cash generation. Q4 2025 profit of TZS 1.96bn (up from TZS 1.69bn in Q3) on revenue of TZS 8.70bn, with operating profit of TZS 2.30bn — a consistently profitable niche.
- Strong re-rating. The shares rose ~40.8% year-to-date to TZS 1,450, near the 52-week high of 1,480 (low: 720) — the market has re-rated the franchise.
- Growth ambition. Management has flagged expansion, including a move into natural gas — a potential new leg beyond core industrial/medical gases.
- Small-cap profile. ~57.5m shares and a thin float mean liquidity is limited and the price can move sharply.
The story — 2025
A profitable small-cap with an essential-products niche (industrial & medical gases) and a growth ambition. The re-rating has been strong; the question is how earnings and the natural-gas venture justify it.
2025 snapshot (Q4 & market)
1.96bn
Q4’25 profit
from 1.69bn (Q3)
2.30bn
Operating profit (Q4)
33.6bn
Total equity
from 31.64bn
~1,450
Price · TZS
12 Jun 26
Valuation context (illustrative, educational)
Market cap of ~TZS 83.4bn on ~57.5m shares at ~1,450. Figures shown are quarterly (Q4 2025); a trailing full-year P/E should be computed once audited FY2025 results are published. The 52-week range (720–1,480) shows how far the stock has travelled.