Carbacid Investments plc posted a 23% jump in net profit for the financial year ended 31st July 2020 to KSh324.7 million from KSh264.6 million in the previous year.
The investment holding company that has invested in carbon dioxide gas production processing and marketing through its main operating subsidiary, Carbacid (CO2) Limited, revenue grew by 8.3% to KSh 682.9 million from KSh 630.5 million compared to the same period in 2019.
In its half-year results, it recorded a 70% increase in net profit driven by a reevaluation of its equity investments.
However, the firm said it was negatively impacted by an unrealised loss on equity holdings in listed companies of Ksh 39 million.
Its profit after tax for the half-year that ended January 31 grew to KSh178.69 million from KSh105.32 million over the same period last year.
The NSE listed firm improved in its half year’s performance compared to its 2019 full-year performance where its profits fell by 11.4% to KSh 264.5 million.
Carbacid’s Board of Directors has recommended a final dividend of KSh 0.70 for every ordinary share amounting to Ksh 178, 396, 390, similar to the dividend payout in the previous year.