BOC Kenya posts 66pc half-year dip in profit to Sh19million

BOC Kenya has registered Sh19 million profit after tax for the half year ended June 30, 2019, a 66 per cent drop from Ksh57 million that was recorded over a similar period in 2019.

The firm’s Managing Director Marion Mwangi while announcing the results attributed the firm’s declined in profit to short-term outage of a key raw material and unscheduled plant down-time that impacted availability and cost of finished goods.

“These results were also impacted by reduced supply to some public sector customers due to long overdue debts and lost sales as a result of the illegal filling of the company’s cylinders”, Ms Mwangi explained.

The revenue for the six-month period ended 30 June 2019 was up 1.6 percent compared to the same period of 2018. “We’ve shown in volume growth in 2019 with focus on the right channels and we are geared to continue with the trajectory over the next few years along the country’s Big 4 Agenda and the oil and gas upstream opportunities that are developing in our region”, she explained.

The firm which has been listed on the Nairobi Securities Exchange (NSE) for 50 years used the occasion to celebrate its key milestones which has seen it maintains market leadership in the region over the years.

Despite the challenging operating environment, the Board of Directors declared an interim dividend of Ksh 2.35 per share for the six-month period ended 30 June 2019 (2018, Ksh. 2.35), to be paid out on or about 15 October 2019 to shareholders on the register at close of business on 27 September 2019.