Listed company Carbacid Investments Limited (CIL)has posted an 18 per cent rise in profit after tax in its half-year results.

According to the results published on Wednesday, Carbacid’s net profit for the half-year ended January 31, 2021 grew to Sh210 million up from Sh178 million that was posted in the same period last year.

The company raked in a total turnover of Sh450 million a rise from Sh353 million last year despite Covid-19 pandemic presenting numerous challenges in the trading period reviewed.

Carbacid’s main operating subsidiary Carbacid (CO2) Limited is East African region’s leading producer of food-grade carbon dioxide.

The growth of the company’s turnover represented a 27 percent jump due to improved sales of natural food-grade carbon dioxide.

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Buoyed by higher sales and process improvements to boost efficiency,

The firm’s operating profit also jumped by 28 per cent to Sh178 million, an increase from Sh139 million in spite of increasing costs of operation and regulatory compliance.

Chairman Amb Dennis Awori said Carbacid had upscaled efforts to boost its returns on investments and will pursue a growth strategy by expanding into additional business lines.

Carbacid is eyeing organic growth alongside acquisitions that complement its existing portfolio and has already placed a bid to acquire up to 100 per cent of BOC Kenya Plc’s ordinary shares.

Following the approval of the Capital Markets Authority (CMA), the offer period to acquire the shares from BOC Kenya minority shareholders was ongoing and terminates on April 6, 2021.

“The half-year trading results are a clear testimony of a growing business, and we will continue to aim to look for new opportunities enhance the Group’s value,” said Awori.

Awori noted that uniting BOC Kenya and Carbacid businesses will position the enlarged group to become East and Central Africa’s leading supplier of carbon dioxide gas and other products.

“The enlarged group will also provide greater opportunities for employee development, advancement and growth for both BOC and the CIL Group,” he added.