Carbacid has recorded a 70% increase in the half year net profit to reach KSh178.7 million from KSh105.3 million posted in a similar period last year.
The firm which is involved in the production, processing, and marketing of carbon dioxide gas posted a revenue increase of 16 percent to KSh352.9 million. Similarly, interest income went up by 16% to reach KSh92.7 million.
Its total assets grew by 11% to KSh3.66 billion compared to KSh3.31 billion in the first half of 2019.
In 2019, Carbacid applied for a gas mining license from the Ministry of Petroleum and Mining to explore a 7.8 acre parcel of land in Uasin Gishu County.
The company is the leading supplier of CO2 gas to soft drinks manufacturers, breweries, food processors and hospitals in the East African region.
The firm’s share price has gained 12% since the year began. It closed at KSh9.18 a share on 18th February 2020 up from KSh8.18 recorded on 2nd January 2020.
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