Earnings UpdateBOC Appoints Joseph Ramashala as Non-Executive Director

BOC Headquarters

The BOC Kenya Board has appointed Joseph Ramashala the Non-Executive Director with effect from 13 September 2021.

This comes after the resignation of  Marius Kruger as a Non-Executive Director who was appointed a Non-Executive Director of BOC Kenya in August 2013 and was a Member of the Audit & Risk and the Nominations and Corporate Governance Committees.

Marius Kruger has a wealth of experience in general management, financial audits and advisory services, business planning, financial and management reporting, strategy formulation, implementation and reviews were particularly useful to the Board.

Currently, Joseph Ramashala holds the position of Director Region Emerging Africa, African Oxygen Limited (AFROX), a company within the Linde Group.

He has regional responsibility for general management, profitability, and new business development across several countries in Sub-Saharan Africa.

Ramashala joined AFROX in 2008 and has held several roles including National Accounts Manager CO2, Business Manager Healthcare and Head of Healthcare.

Before joining AFROX, Joseph Ramashala held several managerial positions at Tiger Brands, SA Breweries and BAT. He brings to the Board a wealth of experience gained over twenty-seven years in the industrial gas industry and other industries.

He holds a Bachelor of Commerce Degree (Law) from the University of Durban-Westville and a Bachelor of Commerce Degree (Business Management) from the University of South Africa.

BOC Financial Results

BOC posted impressive results for the year that ended in December 2020. The firm’s net profit rose by 82% to Kes 101.7 million at the end of 2020 from Kes 55.9 million at the end of 2019 as the demand for medical oxygen shot through the roof.

BOC recorded a 12.5% rise in revenue to Kes 1.1 billion in 2020 compared to the Kes 976 million revenue posted in 2019. According to the gas manufacturer, income from the sale of medical gas has been on a steady rise in recent years as investments in the healthcare sector have intensified.

The directors of the company recommend a final dividend of Kes 4.15 to be paid on or about 19th July 2021.

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