Liquefied carbon dioxide manufacturer Carbacid Investments has posted KSh 843.3 million in profit after tax for the full year ended in July 2024 – a 3.3% increase from KSh 816.0 million in the same period in 2023.
- •The mild growth was fueled by increased sales of liquid carbon dioxide locally and regionally on the back of increased demand and diversification to new markets.
- •The listed firm saw its turnover grow by 20.1% to KSh 2.1 billion from KSh 1.7 billion recorded in 2023.
- •The company is currently in plans to acquire BOC Kenya after being stalled for years following a former BOC’s Chairman attempts to intervene, arguing that minority shareholders were on the losing end due to the undervaluation of the company.
The Capital Markets Tribunal however dismissed the case, holding that it is up to shareholders to decide whether the acquisition price is fairly valued.
“Despite rising costs across the entire supply chain, the business successfully maintained gross margin percentage through cost management initiatives,” Carbacid said in the earnings statement.
Carbacid‘s Operating profits increased by 20.5% to KSh 1.2 billion, which was watered down by a faster rise in operating expenses. Higher input costs fueled by currency fluctuations in the review period coupled with high interest rates collectively took a toll on the operating costs.
Finance costs more than doubled in the full year, increasing to KSh 43.1 million from KSh 16.4 million. Similarly, administrative expenses increased to KSh 371.1 million from KSh 333.3 million.
Earnings per share increased from Shs 3.20 in 2023 to Shs 3.31 in 2024 following robust growth in the company’s investment portfolio that includes government bonds, deposits, and shares in various listed entities.
The company announced a final dividend of KSh 1.70 per share – similar to 2023’s payout – to be paid on or about 18th December 2024, upon approval by shareholders. This brings the total dividend amount to KSh 433.2 million with the book closure date set on 26th November 2024.
Carbacid (CARB) closed the yesterday’s trading session at KSh 22.7, taking the year-to-date gain higher to 51.3%.