BOC Kenya Plc made a Net Profit of KSh 108.3 Million at the end of 31st December 2021 compared to a Net Profit of KSh 101.7 Million in 2020.
The listed firm posted an increase in revenue from KSh 1.1 Billion in 2020 to KSh 1.4 Billion in 2021, while its Pre-Tax Profit increased to KSh 120.4 Million in 2020 to KSh 128.1 Million in 2021.
Earnings per Share, which measures a firm’s profitability improved from KSh 5.21 in 2020 to KSh 5.55 in 2021.
Shareholders will be paid a total dividend of KSh 4.40 made up of an interim dividend of KSh 1.50 and a final dividend of KSh 2.90. This is compared to 2020 when Directors recommended a final dividend of KSh 4.15 while no interim dividend was paid.
This final dividend payout of KSh 2.90 is to be paid net of withholding tax on or about 19th July 2022 to shareholders on the register at close of business on 27th May 2022.
The Board of Directors has also announced that the firm’s Annual General Meeting(AGM) will be held virtually on Thursday 23rd June 2022 at 11.00 a.m
According to the firm’s audited financial statements for the year ended 31st December 2021, BOC Kenya balance sheet size shrunk from KSh 2.1 Billion in 2020 to KSh 2.0 Billion in 2021.
The listed firm’s consolidated revenues increased by 25.8% on account of increased demand for medical oxygen driven by the covid-19 pandemic.
Revenues from medical gases increased by 33.9% while industrial gases volumes increased 15.15 and welding products and services by 20.95 as the business environment improved following the downturn occasioned by covid-19 in 2020.
Pre-tax profit increased by 8.1% from KSh 156.3 million to KSh 168.9 million. Profitability was impacted by imported medical oxygen as the firm absorbed some of the product cost increases and supply chain costs in order to contain price increases on customers.
Also impacting profitability were professional service fees in respect of the proposed divestment of shares by the firm’s majority shareholder-BOC Holdings(UK).
In its outlook, the firm says a fall in covid-19 infection rates and hospitalizations since last year has settled demand for medical oxygen to pre-pandemic levels.