Carbacid's Half-Year Profit Grows by 70%

Carbacid has recorded a 70 per cent increase in the half-year net profit to reach KSh178.7 million from KSh105.3 million posted in a similar period last year. The firm which is involved in the production, processing and marketing of carbon dioxide gas posted a revenue increase of 16 per cent to KSh 352.9 million. Similarly, interest income went up by 16 per cent to reach KSh 92.7 million. Its total assets grew by 11 per cent to KSh3.66 billion compared to KSh3.31 billion in the first half of 2019. In 2019, Carbacid applied for a gas mining license from the Ministry of Petroleum and Mining to explore a 7.8-acre parcel of land in Uasin Gishu County. The company is the leading supplier of CO2 gas to soft drinks manufacturers, breweries, food processors and hospitals in the East African region. The Carbacid share price has gained 12 per cent since the year began. It closed at KSh 9.18 a share on 18th February 2020 up from KSh 8.18 recorded on 2nd January 2020.