BOC Kenya Plc profit after tax rose 170% to KSh 166.7 million in the first half of 2025, compared to KSh 61.8 million in the same period last year, driven by growing demand for industrial and medical gases.
- •Revenue rose 38.5% year-on-year to KSh 724.9 million, supported by higher volumes across core products and customer engineering projects.
- • Operating cash flows turned positive at KSh 168.5 million from a KSh 73.7 million outflow in 2024, while closing cash reserves rose 52% to KSh 863 million.
- •2024 annual disclosures showed that former chairman Kiuna Ngugi increased his stake in BOC Kenya from 11.2% to 17.91%, after leading opposition to the failed KSh 1.2 billion takeover bid by Carbacid Investments and Aksaya.
The firm’s balance sheet has expanded, with total assets growing 19.2% to KSh 2.45 billion and equity rising 12% to KSh 2.13 billion. Its current liabilities have more than doubled to KSh 319.1 million, pointing to higher short-term obligations.
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| Metric | Jun 30 2025 | Jun 30 2024 | YoY % |
|---|---|---|---|
| Revenue | 724.95 Mn | 523.49 Mn | +38.5% |
| Gross Profit | 392.36 Mn | 231.11 Mn | +69.8% |
| Profit Before Tax (PBT) | 251.62 Mn | 85.05 Mn | +195.8% |
| Profit After Tax (PAT) | 166.73 Mn | 61.79 Mn | +169.8% |
| Earnings Per Share (EPS) | 8.54 | 3.16 | +170.3% |
| Net Cash from Operations | 168.50 Mn | -73.70 Mn | Turnaround |
| Closing Cash & Equivalents | 862.95 Mn | 569.10 Mn | +51.6% |
| Total Assets | 2.45 Bn | 2.06 Bn | +19.2% |
| Current Assets | 1.67 Bn | 1.29 Bn | +29.3% |
| Total Equity | 2.13 Bn | 1.90 Bn | +12.0% |
| Retained Earnings | 1.61 Bn | 1.60 Bn | +0.5% |
| Current Liabilities | 319.10 Mn | 151.73 Mn | +110.3% |
| Interim Dividend per Share | 2.50 | 2.50 | Flat |
Recent Developments
The half-year results follow a period of significant developments for the company. In April 2025, BOC Kenya reported a 21.7% drop in full-year 2024 revenue to KSh 1.2 billion, but profit after tax rose 6.9% to KSh 211.6 million on cost control and other income growth. The board recommended a higher total dividend of KSh 8.65 per share for 2024.
The board has now declared an interim dividend of KSh 2.50 per share, unchanged from last year, payable in October.
BOC Kenya enters the second half of 2025 with momentum, but management has guided for a flat performance in the remainder of the year as several customer engineering projects near completion.
