Carbacid Records a 70% Half Year Profit Growth

A 70% increase has been recorded by Carbacid in the half year net profit to reach KSh178.7 million from KSh105.3 million posted in a similar period last year.

The firm is responsible for the production, processing, and marketing of carbon dioxide gas and it is the leading supplier of CO2 gas to soft drinks manufacturers, breweries, food processors and hospitals in the East African region.

A revenue increase of 16 percent to KSh 352.9 million was posted by the firm with the interest income of Ksh 92.7 million recording a 16% interest.

Compared to KSh3.31 billion in the first half of 2019, its total assets grew by 11 percent to KSh3.66 billion in 2019, to explore a 7.8 acre parcel of land in Uasin Gishu County, Carbacid applied for a gas mining license from the Ministry of Petroleum and Mining.

The firm closed at KSh 9.18 a share on 18th February 2020 up from KSh 8.18 recorded on 2nd January 2020 with its value in shares in the Dar es Salaam Stock Exchange dropping by Ksh24 million while the value of its holdings at the Nairobi Securities Exchange (NSE) increased by Ksh27 million.

However, the firm’s board of directors, lamented that mining royalties and County government demands are putting more pressure on its operation costs and margins.