Carbacid registers slight drop in after-tax profit to Sh375.5m

Industrial gases manufacturer Carbacid Investments recorded a 4.6 per cent drop in net profit for the year ended July on reduced market value of its equity investments and absence of property gains booked in the prior year.

The company’s net earnings in the period stood at Sh375.5 million compared to Sh393.8 million the year before when its property holdings was revalued upwards by Sh32.5 million.

Carbacid also took a hit from the bear run at the Nairobi Securities Exchange (NSE) in the review period, with its unrealised losses on listed shares at Sh31.1 million.

READ: NSE investors hope for a turnaround after bear run

The company declared a dividend of Sh0.7 per share, same as the payout for the previous year.

Its investment portfolio generated an income of Sh219.5 million, up 29.8 per cent from Sh169 million a year earlier.

The company’s trading division, which mines and sells carbon dioxide, saw its sales rise 2.7 per cent to Sh831.7 million.