Carbacid Investments Plc made a net profit of KSh 485.2 Million for the six months ended 31st January 2024, , an increase of 18% from KSh 411.7 Million reported over a similar period in 2023.
- Carbacid also made an operating profit of KSh 488.1 Million in H1 2024 from KSh 367 Million in H1 2023, its consolidated unaudited accounts show.
- A listed firm, Carbacid made a pre-tax profit of KSh 646.9 million compared to a pre-tax profit of KSh 548.9 million in H1 2023.
- Carbacid Earnings per Share, which is a measure of profitability increased to KSh 1.90 per share compared to KSh 1.62 in H1 2023 and KSh 3.20 per share according to the 2023 full-year audited accounts for the period ended 31st July 2023.
Turnover for the 6 months increased by 26% over the same period last year. The growth is attributed to new markets for liquid carbon dioxide within the East and Southern Africa region.
Factors that hit Carbacid Investments’ business
A statement from the Board states that operating costs increased by 27% driven by increased costs of various inputs such as fuel, electricity, and spare parts. Inflation, higher borrowing interest rates, and currency fluctuation have contributed to the increased costs. The drive for efficiency has resulted in the gross margin being maintained despite the significant growth in revenue.
Global disruptions, inflationary pressures, currency fluctuations, and increasing costs of operations will continue to impact costs for the rest of the financial year. The US dollar shortages in some regional markets continue to impact demand and the business continues to establish means of coping.
Carbacid Investments plc is an investment holding company invested in carbon dioxide gas production processing and marketing through its main operating subsidiary, Carbacid (CO2) Limited.
ALSO READ: Carbacid Plans Virtual AGM, Stalled Acquisition Likely to Feature
