This archive report was first published on 29 October 2019.
On 31st July 2019, Carbacid Investments released their financial statements for the year, revealing a significant decline in earnings.
According to the report, the company's profit fell by 11.4% to KSh 264.5 million, marking the lowest earnings in 11 years.
Carbacid had issued a profit warning in March 2019, alerting investors to a potential fall in profits in the full-year earnings.
The warning was based on unaudited financial results for the first six months ended 31st January 2019 and a forecast for the second half-year.
Despite the decline in profit, Carbacid reported an 11.5% growth in sales to KSh 630.5 million.
The company's unrealised loss of equity holdings was approximately KSh 55 million, while there was a fair value gain on investment property of KSh 4.6 million.
Carbacid's Board recommended a final dividend of KSh 0.70 per share, the same payout as in 2018.
Investors will vote on the dividend at the next annual general meeting scheduled for 5th December 2019.
Carbacid's financial performance is a significant departure from its previous years, with the last time the company reported below this level of profit being in 2008.
Carbacid Company deals in Carbon dioxide gas production, processing, and marketing through its main operating subsidiary, Carbacid (CO2) limited.
