Listed industrial and medical gases producer BOC Kenya as delivered its strongest financial performance in more than five decades on the Nairobi Securities Exchange, posting record profit after tax of KSh 314.02Mn for the year ended 31 December 2025.
- •The profit is 48.4% jump from KSh 211.65Mn a year prior, as the Linde Group subsidiary extended an unbroken profit streak stretching back to its 1969 listing.
- •Revenue rose 18.5% to KSh 1.427Bn, driven by strong growth in customer engineering projects and rising demand for medical and industrial gases, while management's deliberate cost-control measures pushed distribution, selling, and administrative expenses lower in absolute terms.
- •The combination produced an operating profit of KSh 383.68Mn, up 72.5%, and an operating margin of 26.9%, the highest in the company's recorded history and nearly nine times the 3.1% margin reported in FY2017 on a near-identical revenue base.
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Basic earnings per share climbed to KSh 16.08 from KSh 10.84, also an all-time record. The board has proposed a final dividend of KSh 10.35 per share, bringing the total FY2025 dividend to KSh 12.85, the largest in the company's history, surpassing the previous record of KSh 11.30 set in FY2006. The interim dividend of KSh 2.50 was paid in October 2025.
Shareholders on the register at close of business on 31 May 2026 will be eligible for the final dividend, payable on or about 21 July 2026, subject to approval at the Annual General Meeting scheduled for 25 June 2026.
The results cap a transformation that began in earnest from FY2022, when the business briefly generated negative operating cash flow. Net cash from operating activities reached KSh 491.05Mn in FY2025, the highest in the company's history, with cash and cash equivalents closing the year at KSh 1.051Bn, a figure that exceeds BOC Kenya's entire annual revenue as recently as FY2000.
The balance sheet remains the strongest on the NSE in its sector. Total equity stood at KSh 2.195Bn against total liabilities of KSh 388.68Mn, with zero long-term debt, a position the company has maintained across its entire listed history. Return on total assets reached approximately 12.1%, sustained above double digits for the third consecutive year after languishing at 1.4% in FY2017.
The company has indicated it will continue expanding in medical gases leadership and push into manufacturing, agricultural, and fabrication sectors.
