Increased demand for carbon dioxide gas drove up Carbacid’s six months revenue to KSh449.7 million, a 27% improvement from the KSh352.9 million revenue earned in the same period in 2019. The company’s net profit jumped 18% to KSh210.4 million in the half-year period that ended on January 31 2021 from KSh178.7 million in the corresponding period in 2019.
The company captured new markets in the half-year period and improved its processes thereby boosting its revenue. The firm’s earnings per share increased to 83 cents, from 70 cents in 2020.
Administrative expenses went up by 32% to KSh81.3 million at the end of January 2021, compared to KSh61.7 million at the end of January 2020.
Carbacid’s total assets increased to KSh3.9 billion at the end of the six months period, from KSh3.7 billion a year ago. Total liabilities grew by 10% to KSh392.8 million at the end of January 2021 from KSh358.1 million the previous year.
Carbacid said that a final dividend will considered based on its full-year results.
Carbacid and Aksaya Investments LLP have received all necessary approvals to acquire 100% ownership in rival firm BOC Kenya and are waiting for acceptance or rejection of the offer by BOC Kenya shareholders. The offer will close on April 6, 2021.