Carbacid half-year profit rises to Ksh.210 million

Industrial gas manufacturer Carbacid Investment Plc has announced an 18 per cent half-year profit growth to Ksh.210.4 million from Ksh.178.7 million last year.

The earnings covering the period to January 31, 2021 are attributable to a higher turnover with the sales topping Ksh.449.9 million from Ksh.362.9 million at the same time in 2020.

“This is despite increasing competition and the impact of the COVID-19 pandemic. The group has managed the results by being proactive to capture new markets and continuously engage in improvements,” the firm said in a disclosure statement on Wednesday.

The company’s earnings per share have subsequently improved to 83 cents from a lower 70 cents last year.

The board has however indicated it will wait out the close of its financial year in July before declaring dividends.

Carbacid is currently engaged in a buyout transaction that could see it acquire peer BOC Kenya.

The firm’s purchase of BOC shares is expected to close on April 6 even as the transaction risks dragging on beyond the scheduled date.

The process has been hit by an array of issues including a challenge on its Ksh.63.50 a share offer price for BOC for a total of Ksh.1.24 billion in overall payments for the buyout.