Carbacid Investments recently released their financial statements for the year ended 31st July 2019. The company reported the lowest earnings in 11 years as profit fell by 11.4% to KSh 264.5 million.
The company had issued a profit warning in March to inform their investors of a fall in profits in the full-year earnings.
The prediction was based on the company’s unaudited financial results for the first six months ended 31st January 2019 and the second half-year forecast in relation to the investment portfolio.
Carbacid reported an 11.5% growth in sales to KSh 630.5 million. The company’s unrealised loss of equity holdings was about KSh 55 million.
There was a fair value gain on investment property of KSh 4.6 million, a 62% decline compared to the previous year which was reported to be KSh 12.2 million.
The Board recommended payment of a final dividend of KSh 0.70 per share. This was the same payout in 2018. Investors will vote on the payout at the next annual general meeting that is scheduled for 5th December 2019.
The last time that the company reported below this level of profit was in 2008 when the net profit was KSh 166.78 million.
Carbacid Company deals in Carbon dioxide gas production, processing, and marketing through its main operating subsidiary, Carbacid (CO2) limited.
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