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Carbacid’s Six Months Revenue Jumps to Kes 450 Million on Increased Demand for Medical Gas

Increased demand for medical gases drove up Carbacid’s six months revenue to Kes 449.7 million, a 27% improvement from the Kes352.9 million revenue earned in the same period in 2019.

The company’s net profit jumped 18% to Kes 210.4 million in the half-year period that ended on January 31 2021 from Kes178.7 million in the corresponding period in 2019.

The leading supplier of industrial and medical gases in East Africa 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 Kes 81.3 million at the end of January 2021, compared to Kes 61.7 million at the end of January 2020.

Carbacid’s total assets increased to Kes 3.9 billion at the end of the six months period, from KSh3.7 billion a year ago. Total liabilities grew by 10% to Kes 392.8 million at the end of January 2021 from Kes 358.1 million the previous year.

The Nairobi Securities Listed firm said that a final dividend will be considered based on its full-year results.

Carbacid’s  Aquisiton of BOC

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, even as investors remain concerned that BOC Kenya Plc did not give an opinion to investors weather to to accept or reject the offer.

This post was first published by the kenyanwallstreet.com