The Carbacid factory based in Industrial Area, Nairobi. Carbon dioxide maker Carbacid yesterday announced 22.1 per cent rise in profit and said it would carry out a bonus share issue and stock split. Photo/FILE
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Carbon dioxide maker Carbacid yesterday announced 22.1 per cent rise in profit and said it would carry out a bonus share issue and stock split.
The company said its net profit grew to Sh475.5 million in the year to July compared to Sh389.2 million a year earlier and recommended the bonus payment of a share for every two held and the split of stocks into five parts.
Carbon dioxide maker Carbacid yesterday announced 22.1 per cent rise in profit and said it would carry out a bonus share issue and stock split.
The company said its net profit grew to Sh475.5 million in the year to July compared to Sh389.2 million a year earlier and recommended the bonus payment of a share for every two held and the split of stocks into five parts.
This comes despite the firm’s sales remaining static at Sh952.8 million — a pointer that the profit growth was mainly driven by cost cuts.
The firm, which produces and supplies pressurised carbon dioxide and dry ice has in recent years posted double-digit rise in sales including last year when its revenues rose 60 per cent.
It declared a final dividend of Sh3 per share, unchanged from the previous year, taking the total payout for the year to Sh6.
But the bonus share is set to be a boon to investors who have seen their share shed 7.4 per cent over the past week to the current price of Sh145.
It will also split its stock five times, making its shares affordable at the Nairobi bourse. Carbacid flat sales are in contrast with the growth recorded in Kenya’s beverage markets –its main client for carbon dioxide. This comes as listed gas firm BOC Kenya is mulling entering the carbon dioxide market to boost its stagnant sales.
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