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KANZA CAPITAL PARTNERS · PUBLIC EVIDENCE RECORD

TOL Gases

TOL · DSE · market data as at 2026-09-18
CloseTZS 1,790-1.10% · DSE
Volume4,7152026-09-18 session
Traded valueTZS 8.5m2026-09-18 session
Market capitalisationTZS 102.9bnDerived board field
RevenueTZS 7.1bn-18.5% vs Q4 2025
Operating profitTZS 1.3bn-42.0% vs Q4 2025
Profit after taxTZS 0.9bn-53.7% vs Q4 2025
Retained median volume4,86050 snapshots · not ADV
Domestic turnover rank#13 of 222026-09-18 DSE board
Largest disclosed holder20.4%Ernest Saronga Massawe · 2024-12-31

Market facts: Dar es Salaam Stock Exchange. Financial, dividend and ownership facts: issuer disclosures, retained by source URL and SHA-256. Derived changes use the displayed periods. Missing facts remain missing.

Information and education only, never advice, a recommendation or an offer. Printed from https://kanzacapitalpartners.com/companies/tol-gases.

Public evidenceYou are here

Source facts stay open.

Price & liquidityReported financialsOwnershipFilings & dividends
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Five signals before the detail.

Each row uses its own disclosed scale. An unavailable fact has no plotted magnitude. These are descriptive signals, not a score, peer ranking, forecast or recommendation.

Public fundamentals profileFive independent lenses
01 · Market+123.8% record change
Record change · -50% to +50% display range2025-07-25 to 2026-09-18 · verified DSE closes
02 · Earnings-23.8% net income
Annual change · -50% to +50% display rangeFY2023 → FY2024 · same reported series
03 · Balance46% equity / assets
Equity / assets · 0% to 100% display rangeFY2024 · issuer-reported balance sheet
04 · DividendNo dividend declared
Gross yield · 0% to 10% display rangeFY2024 final · not-declared · not a computed trailing yield
05 · Trading50/50 active snapshots
Active retained snapshots · 0% to 100% display range2026-07-10 to 2026-09-18 · retained DSE sessions
Five independent scales, not an aggregate score. Change: −50% to +50%; balance/trading: 0 to 100%; gross yield: 0 to 10%. Edge values cap; missing facts stay open.
What changed
Latest verified observations
Latest market session1× retained median volume#13 of 22 by turnover · 2026-09-18Latest normalized reporting windowQ1 2026Revenue -18.5% · Operating profit -42.0%Dividend evidenceNo dividend declaredFY2024 final · not-declared
Evidence gaps
Kept null, not estimated
  • Bid-ask spread and executable size are unverified.
  • Public ownership classifications are not treated as tradable free float.
  • Accounting-basis changes remain visible; periods are not silently restated.
  • No domestic DSE peer is manufactured for comparison.
Open evidence limits Review verification method

Market record

The close is already above. Here is the rest of the session.

Every figure below refers to the same verified DSE close. It describes the tape; it does not establish typical liquidity or future direction.

Volume4.7k1× retained medianTraded valueTZS 8.5m#13 of 22 by turnoverMarket capitalisationTZS 102.9bnDerived from verified close
Open the DSE source

Tradability evidence · bounded window

Volume varied sharply across the retained window.

This is a median across 50 retained DSE snapshots, not ADV. Missing dates are not treated as zero, and no bid-ask or executable-size claim is added.

Recorded volume · 2026-07-10 to 2026-09-18Latest 1× retained median
2026-07-10: 12,122 shares at TZS 1,450; 2026-07-13: 3,777 shares at TZS 1,450; 2026-07-14: 3,114 shares at TZS 1,390; 2026-07-15: 10,379 shares at TZS 1,430; 2026-07-16: 6,212 shares at TZS 1,370; 2026-07-17: 2,092 shares at TZS 1,400; 2026-07-20: 5,312 shares at TZS 1,440; 2026-07-21: 2,793 shares at TZS 1,420; 2026-07-22: 7,754 shares at TZS 1,430; 2026-07-23: 1,527 shares at TZS 1,410; 2026-07-24: 1,455 shares at TZS 1,410; 2026-07-27: 3,298 shares at TZS 1,420; 2026-07-28: 7,135 shares at TZS 1,410; 2026-07-29: 1,249 shares at TZS 1,430; 2026-07-30: 3,583 shares at TZS 1,390; 2026-07-31: 3,105 shares at TZS 1,340; 2026-08-03: 2,675 shares at TZS 1,320; 2026-08-04: 3,220 shares at TZS 1,380; 2026-08-05: 1,470 shares at TZS 1,390; 2026-08-06: 988 shares at TZS 1,500; 2026-08-07: 4,596 shares at TZS 1,500; 2026-08-10: 3,406 shares at TZS 1,500; 2026-08-11: 3,258 shares at TZS 1,460; 2026-08-12: 3,728 shares at TZS 1,450; 2026-08-13: 2,871 shares at TZS 1,460; 2026-08-14: 1,686 shares at TZS 1,490; 2026-08-17: 2,549 shares at TZS 1,500; 2026-08-18: 13,900 shares at TZS 1,580; 2026-08-19: 22,976 shares at TZS 1,690; 2026-08-20: 7,047 shares at TZS 1,730; 2026-08-21: 21,294 shares at TZS 1,750; 2026-08-24: 20,991 shares at TZS 1,810; 2026-08-26: 7,816 shares at TZS 1,980; 2026-08-27: 14,158 shares at TZS 1,980; 2026-08-28: 12,636 shares at TZS 1,850; 2026-08-31: 5,463 shares at TZS 1,830; 2026-09-01: 4,534 shares at TZS 1,870; 2026-09-02: 5,006 shares at TZS 1,870; 2026-09-03: 4,183 shares at TZS 1,840; 2026-09-04: 10,680 shares at TZS 1,830; 2026-09-07: 116,275 shares at TZS 2,020; 2026-09-08: 45,233 shares at TZS 2,300; 2026-09-09: 20,925 shares at TZS 2,070; 2026-09-10: 40,276 shares at TZS 1,830; 2026-09-11: 18,907 shares at TZS 1,760; 2026-09-14: 5,346 shares at TZS 1,860; 2026-09-15: 7,452 shares at TZS 1,900; 2026-09-16: 4,053 shares at TZS 1,820; 2026-09-17: 13,290 shares at TZS 1,810; 2026-09-18: 4,715 shares at TZS 1,790retained median 4.9k2026-07-102026-09-18

Linear scale. The final bar is intentionally allowed to dominate; compressing it would hide the scale of the latest-session break.

Retained median volume4,86050 verified snapshots · not ADVLatest session volume rank#10 of 22Domestic board · same 2026-09-18 closeLatest turnover rank#13 of 220.2% of domestic traded value
Same-sector comparisonNo domestic listed peerNo other domestic listed counter in KCP coverage carries the Basic Materials classification. No synthetic peer comparison is substituted.
Open the DSE source behind every snapshot and rank

How has TOL's verified close moved across the available public record?

TOL verified close history

Window startTZS 80025 Jul 2025
Latest closeTZS 1,79018 Sep 2026
Window change+123.8%+TZS 990

As at 18 Sep 2026 · Source: Dar es Salaam Stock Exchange (DSE), via MCL market platform daily export (market.mcl.co.tz). Exact values and method remain in the static evidence table below.

03 · Descriptive reading

Three views of the same record.

These transformations expose change, recent direction and recorded position. They are not forecasts, total returns or estimates of value.

Available-record change+123.8%
2025-07-25TZS 800
2026-09-18TZS 1,790
Recent recorded direction+5.9%

Last 20 recorded observations · no calendar-time substitution.

04 · Ownership and tradability

Reported ownership, without a free-float guess.

The cited filing presents a complete 100% structure. Ownership remains separate from tradable free float, bid-ask depth and executable size.

Shareholding reported at 2024-12-31

Ernest Saronga Massawe is the largest disclosed holder at 20.4%.

  1. 01Ernest Saronga Massawe20.4%
  2. 02Erncon Holding Limited17.4%
  3. 03Goodison Fourthy Seven Limited13.7%
  4. 04Treasury Registrar6.2%
  5. 05Anorld B. S. Kilewo5.7%
  6. 06Baraka Mark Urassa and Ophishas Obadia Urasa4.6%
  7. 07Harold Temu4.4%
  8. 08Christian Charles Shirima2.9%
  9. 09Public Service Social Security Fund1.9%
  10. 10Joseph C. N. Machange1.8%
  11. 11Mary Wanjiku Mboya1.5%
  12. 12Gasper Jason Uriyo1.3%
  13. 13Other shareholders18.2%

The named holders and other shareholders reconcile to 57,505,963 issued shares and 100%.

Disclosure scopeCompleteFY2024 annual report · PDF page 6 · shareholders owning more than one per cent
Registered shareholdersNot stated hereSource-dated count only; no holder activity is inferred
Issued shares57,505,963Reported share count, not a liquidity measure
Latest session turnoverTZS 8.5m2026-09-18 DSE tape · not a typical-liquidity estimate
Open the ownership source · PDF page 6 · shareholders owning more than one per cent

04b · Classification and evidence sequence

From company record to listed tape.

This is an evidence sequence, not a causal model. A missing filing cannot be replaced by a price, and a price move cannot prove an operating cause.

01

Official disclosures

41 indexedLatest DSE filing period 2026-03-31 · 3 normalized
02

Reported business evidence

RevenuePDF page 26 · audited statement of profit or loss
03

Capital and governance record

1 retained items1 actions · 0 governance disclosures
04

Listed market record

DSE-verified session2026-09-18 · DSE verified close
Market classificationIndustrial & Allied

Constituents are a KCP classification by business type. The Dar es Salaam Stock Exchange publishes the IA index level (shown above, DSE-verified) but does not publish a constituent table; this grouping is KCP's, not DSE-verified index membership. EABL (East African Breweries) is cross-listed and is grouped here on business type, alongside Tanzania Breweries; its DSE index categorisation is not confirmed.

Reported trajectory · source evidence

Two periods, one retained source, no mixed basis.

Select a metric to compare adjacent group results printed in the same retained source. Audit status remains visible. This is reported history, not a forecast or quality score.

RevenueTZS 30.2bnFY2023 TZS 24.7bn -> FY2024 TZS 30.2bn
Gross profitTZS 11.2bnFY2023 TZS 10.3bn -> FY2024 TZS 11.2bn
Operating profitTZS 6.3bnFY2023 TZS 5.0bn -> FY2024 TZS 6.3bn
Profit before taxTZS 4.0bnFY2023 TZS 3.8bn -> FY2024 TZS 4.0bn
Profit for the yearTZS 2.1bnFY2023 TZS 2.7bn -> FY2024 TZS 2.1bn
Total assetsTZS 59.5bnFY2023 TZS 54.4bn -> FY2024 TZS 59.5bn
Total equityTZS 27.3bnFY2023 TZS 25.3bn -> FY2024 TZS 27.3bn
Net cash generated from operating activitiesTZS 5.7bnFY2023 TZS 8.6bn -> FY2024 TZS 5.7bn
Basic earnings per shareTZS 35.9FY2023 TZS 47.13 -> FY2024 TZS 35.9
Capital return record

Dividend state, not just a number.

Evidence exceptions · 1
information · controlledThe annual report explicitly states that the directors did not recommend a final dividend for FY2024.

The record is represented as not declared, not as a numeric zero dividend.

05 · Company-reported evidence

What can be traced to a retained document?

Market dates and reporting periods remain separate. Missing fundamentals stay missing until a document, locator and review state support them.

Public fundamentals · documentary record

What TOL has reported

Reported figures are separated by period and audit state. Quarterly profit is not annualised; absent periods remain absent. Coverage is current through 13 Aug 2026. Editorial approval remains pending.

Gross profit

TZS 11.2bn

FY2024 · audited. PDF page 26 · audited statement of profit or loss

Profit before tax

TZS 4bn

FY2024 · audited. PDF page 26 · audited statement of profit or loss

How did TOL Gases' first-quarter revenue and earnings compare with the fourth quarter of 2025?

First-quarter earnings reset

Unaudited company results · TZS million

Prior year8,698.4 TZS millionQ4 2025
Latest year7,087.2 TZS millionQ1 2026
Year-on-year change-18.5%-1,611.2 TZS million

Sequential quarter-only observations from the official statement. The quarterly balance sheet is excluded because the printed totals do not reconcile.

As at 31 Mar 2026 · Source: TOL Gases official disclosures. Exact values and method remain in the static evidence table below.

Corporate actions · as disclosed

Dividends and capital history

“Proposed” is not promoted to “declared” or “paid” without a later documentary state. Unknown action dates remain unstated rather than being inferred.

Governance · documentary record

Board and assurance disclosures

Source library

06 · Evidence-risk ledger

What this page cannot prove.

Trust is not the absence of uncertainty. It is the discipline of showing exactly where the evidence becomes thin.

01

Session liquidity

50-snapshot windowRetained median volume 4,860 from 2026-07-10 to 2026-09-18. This bounded archive is not ADV and does not establish executable size.
02

Historical coverage

223 observationsAvailable from 2025-07-25 to 2026-09-18. Missing trading dates are not filled forward.
03

Filing vintage

41 official DSE filingsLatest normalized documentary date: 2026-05-29. The complete DSE register is indexed separately; reporting periods remain distinct from market dates.
04

Comparison boundary

IAConstituents are a KCP classification by business type. The Dar es Salaam Stock Exchange publishes the IA index level (shown above, DSE-verified) but does not publish a constituent table; this grouping is KCP's, not DSE-verified index membership. EABL (East African Breweries) is cross-listed and is grouped here on business type, alongside Tanzania Breweries; its DSE index categorisation is not confirmed.

07 · How to use this record

Follow the source boundary, not the decoration.

Each number is either a primary-source fact, a labelled calculation from cited inputs, or absent. The page does not bridge a missing fact with an estimate.

01 · Market authorityDar es Salaam Stock Exchange

Close, session direction, volume and turnover use the dated DSE board. Retained snapshots stay date-bound.

Open DSE source 02 · Issuer authorityTOL Gases Plc financial reports and news

The issuer archive is verified as a discovery source. Values enter the fact layer only with a retained document, page locator, period and review state.

Open issuer library
03 · CalculationsExact periods, labelled changes

Percentage change is current over prior comparable period, minus one. The liquidity median uses the retained dates above.

04 · Missing evidenceNull beats estimates

Free float, bid-ask depth, executable size and consensus stay absent until a source supports them.

Portable evidence

Take the record with its source trail attached.

Read the complete verification note

Market observations and company reporting periods are separate clocks. KCP does not use a price move to fill a missing filing, annualise a quarterly result, interpolate a missing close, or treat publicly held shares as verified tradable free float.

The retained DSE snapshot folder is a bounded evidence window, not a complete session archive. Its median describes only the snapshots listed here. Regional operating peers, valuation multiples and consensus would require a separately sourced comparison workflow and are not implied by this public page.

Information and education only, never investment, legal or tax advice, a recommendation, an offer or a solicitation.

08 · The product boundary

Public facts end here. The source trail does not.

Keep exploring verified DSE records in public, or enter the member workbench for scenarios, sensitivities and monitoring workflow.

Governance disclosureFounder/principal personal holdings

No personal position: Arthur George Kanza, KCP founder/principal, declares no holding in TOL (TOL Gases).

Effective 14 Aug 2026 · Policy →