BOC Kenya Plc has posted a 170% jump in profit after tax to KSh 166.7 million for the first half of 2025, up from KSh 61.8 million in the same period last year.
The surge was driven by rising demand for industrial and medical gases, alongside improved pricing and operational efficiencies.
“Arising from the above, profit after tax has increased by 170% compared to the same period last year,” the company stated in its interim financial report.
Revenue Growth and Operational Turnaround
Revenue rose 38.5% year-on-year to KSh 724.9 million, supported by higher volumes across core products and customer engineering projects. Gross profit climbed nearly 70% to KSh 392.4 million, while profit before tax soared 195.8% to KSh 251.6 million.
BOC also reported a turnaround in operating cash flows, which swung to a positive KSh 168.5 million from a KSh 73.7 million outflow in 2024. Closing cash and equivalents rose 52% to KSh 863 million, reflecting stronger liquidity.
Key Financial Highlights (H1 2025)
| Metric | Jun 30 2025 | Jun 30 2024 | YoY Change |
|---|---|---|---|
| Revenue | KSh 724.95 Mn | KSh 523.49 Mn | +38.5% |
| Gross Profit | KSh 392.36 Mn | KSh 231.11 Mn | +69.8% |
| Profit Before Tax | KSh 251.62 Mn | KSh 85.05 Mn | +195.8% |
| Profit After Tax | KSh 166.73 Mn | KSh 61.79 Mn | +169.8% |
| Earnings Per Share (EPS) | 8.54 | 3.16 | +170.3% |
| Net Cash from Operations | KSh 168.50 Mn | KSh -73.70 Mn | Turnaround |
| Closing Cash & Equivalents | KSh 862.95 Mn | KSh 569.10 Mn | +51.6% |
| Total Assets | KSh 2.45 Bn | KSh 2.06 Bn | +19.2% |
| Total Equity | KSh 2.13 Bn | KSh 1.90 Bn | +12.0% |
| Current Liabilities | KSh 319.10 Mn | KSh 151.73 Mn | +110.3% |
| Interim Dividend per Share | KSh 2.50 | KSh 2.50 | Flat |
Dividend and Shareholder Moves
The board has declared an interim dividend of KSh 2.50 per share, unchanged from last year, payable on 14 October 2025 to shareholders on record as of 20 September.
Recent disclosures show former chairman Kiuna Ngugi increased his stake in BOC Kenya from 11.2% to 17.91%, following his opposition to the failed KSh 1.2 billion takeover bid by Carbacid Investments and Aksaya.
Outlook and Market Performance
BOC enters the second half of 2025 with momentum, though management has guided for a flat performance as several engineering projects near completion.
“The restructuring projects implemented by the Company in prior years are now leading to a gradual increase in demand for industrial and medical gases,” the board noted.
On the Nairobi Securities Exchange, BOC Kenya closed Monday, August 25, at KSh 100.50 per share—up 10.7% from the previous close. The stock has gained 13.2% year-to-date and ranks 22nd in four-week performance, with a 12% gain.
