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Companies

Carbacid sets sights on gas mining permit

 John Munyes
Petroleum and Mining Cabinet Secretary John Munyes. FILE PHOTO | NMG 

Industrial gas producer Carbacid Investments has sought permission to mine at a 7.8 acre piece of land in Uasin Gishu County at a time when the company’s profits have dipped.

Petroleum and Mining Cabinet Secretary John Munyes in the latest Kenya gazette notice said the Nairobi Securities Exchange-listed company had applied for a licence to mine at the Kaptagat Block1.

“Any objection to the grant of the mining licence may be made in writing and addressed to the Cabinet Secretary Ministry of Petroleum and Mining within 42 days from day of publishing of this notice in the Kenya Gazette,” said Mr Munyes in the notice

Carbacid issued a profit warning last week, preparing investors for a fall in profits for the financial year ending July 2019.

Last week’s warning means that the company’s 2019 net profits will not surpass Sh223.89 million. The last time its earnings were below this level was in 2008 when it earned Sh166.76 million.

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The anticipated drop is set to mark five straight years of falling profits for Carbacid, which in the financial year ended July last year posted a net profit of Sh298.5 million.

It joins the list of NSE firms whose earnings have reduced in the recent past.

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