Listed industrial and medical gases manufacturer BOC Kenya Plc has posted a profit after tax of KSh211.6 million for the year ended 31 December 2024, up from KSh198.1 million in 2023, even as revenue declined by 21.7% to KSh1.2 billion.
- •According to the company, the decrease in revenue was “due to completion of donor funded infrastructure projects in the health sector in 2023 which were not repeated in 2024.”
- •These included the installation of medical oxygen tanks and medical gas pipelines in hospitals.
- •The revenue dip was partially offset by “the invoicing of medical oxygen plant in Q4.”
| Metric | 2024 (KSh) | 2023 (KSh) | Change |
|---|---|---|---|
| Revenue | 1.20 billion | 1.54 billion | ↓ 21.7% |
| Operating Profit | 222.5 million | 269.7 million | ↓ 17.5% |
| Profit Before Tax | 295.5 million | 309.1 million | ↓ 4.4% |
| Profit After Tax | 211.6 million | 198.1 million | ↑ 6.9% |
| Earnings Per Share | 10.84 | 10.14 | ↑ 6.9% |
| Dividend (Total for Year) | 8.65 per share | 6.05 per share | ↑ 42.9% |
| Total Equity | 1.95 billion | 1.81 billion | ↑ 7.8% |
| Net Cash Position (Year-End) | 676.8 million | 633.4 million | ↑ 6.9% |
Operating profit rose by 5% to KSh222.5 million, driven by “continued cost management initiatives as well as reduction in operating expenses.” Other income also increased to KSh73 million, from KSh39 million in the previous year.
Retained earnings rose to KSh1.62 billion, while total equity increased to KSh1.95 billion from KSh1.81 billion in 2023.
Cash generated from operations stood at KSh330.5 million, with net cash from operating activities at KSh168.2 million, down from KSh423.7 million a year earlier. This was largely due to higher tax paid, which rose to KSh162.3 million from KSh50.5 million.
The company’s net cash position at year-end rose to KSh676.8 million, compared to KSh633.4 million at the beginning of the period.
In 2025, the company plans to complete the installation of “further donor funded PSAs in H1 of 2025,” aimed at improving access to oxygen in remote health facilities. It also expects to increase the supply of “bulk liquid oxygen to numerous public facilities.”
Further, BOC Kenya stated: “The company is focusing on growing its industrial gases footprint by engaging the manufacturing sector, agricultural and fabrication industries as well partnering with the key stakeholders in this sector.”
The Board of Directors has proposed a final gross dividend of KSh6.15 per share, subject to approval at the Annual General Meeting. With an interim dividend of KSh2.50 already declared, the total dividend for the year stands at KSh8.65 per share, up from KSh6.05 in 2023.
