Carbacid Investments plc, a listed carbon dioxide gas processor and seller, with a history of impressive returns to shareholders, will pay its owners an early Christmas fat dividend cheque, at KSh 2.00 per share up from KSh 1.70 per share paid last year. This is a 17.6% increase year-on-year.
Carbacid, which usually declares and pays dividends to shareholders before Christmas, thus closes the full earnings calendar for listed firms. With a strong track record of dividend growth, Carbacid remains an attractive option for income-focused investors.
The firm does its book closure on November 26th 2025 and will pay shareholders on December 18th 2025.
Carbacid is closing the dividends door as hunters at the Nairobi Bourse shift gears and aligning their portfolios in readiness for the 2025 year Full-Year earnings period, which begins in March 2026.
Carbacid Investments Financials
The listed firm posted an 18.9% rise in Net Profit to KSh 1.003 billion for the financial year ended 31st July 2025. This is compared to KSh 844 million at the end of financial year prior.
It recorded 1.6% rise in turnover to KSh 2,100 million compared to KSh 2,066 million in 2024. Directors at the firm, which has a presence in 13 African Countries, said the slight turnover increase was driven by demand in non-traditional markets in Southern Africa, including Namibia and Malawi.
Carbacid said it experienced a sharp increase in the cost of doing business, during the year under review, driven primarily by the significant higher royalties payable to the Ministry of Mining & Blue Economy, as well as rising labour expenses, fleet maintenance, and fuel costs in the last quarter.
The firm warns that unless there is meaningful policy review or relief on royalties by the Mining Ministry, these costs will pose a competitive disadvantage to Kenya’s exports of liquified carbon dioxide.
Carbacid has been able to penetrate new markets, including South Africa, Namibia and Botswana. This expansion was enabled by its new CO2 recovery plant, commissioned in June 2024 and now fully operational.
This additional capacity has minimised overreliance on the existing CO2 plants and enabled Carbacid to venture into new markets during the 2025 financial year.
Carbacid offers natural, food-grade carbon dioxide meeting the highest international quality standards. This quality statement is verified by international quality service providers and leading global beverage companies.
Gross margin increased from 59% to 64% due to improved operational efficiency, especially on the lower cost of power after significant investment in solar energy infrastructure. For the better part of the year, fuel prices were lower compared to last year, but the last quarter saw an increase in fuel prices.
The new CO2 production plant, commissioned in 2024 with its high efficiency and lower production costs, further contributed to the improved gross margin.
During the year, the Group continued to undertake additional investments in solar energy infrastructure with a 250 KWp plant commissioned in March 2025 to add to the already existing solar power plant of 450 KWp that was commissioned in February 2024.
The Group will expand the solar infrastructure with plans to commission a further 750 KWp solar plant in the financial year 2025-2026. This investment is in line with the Group’s strategy on sustainable use of natural resources and reducing reliance on grid power.
In 2020, the company made an offer to acquire the shares of BOC Kenya plc. After years of delays at the Capital Markets Authority Tribunal, the appeal filed by a shareholder of BOC Kenya Plc was dismissed by the Capital Markets Tribunal for lack of merit on the 29 August 2024, and in turn the suspension of the Offer was lifted allowing for completion.
“However, after carefully evaluating the proposed transaction in the current circumstances, Carbacid ultimately decided not to progress with its offer to acquire BOC Kenya, “said Ambassador Dennis N.O Awori Chairman, Chairman of the Carbacid Investments Plc Board in its latest 2025 Annual Report.
Carbacid Investments plc also has investments in property, in shares in other listed companies, investments in bonds and financial assets.
The Group has two mines, each with full processing and quality control facilities, a fleet of long-haul trucks with cryogenic tankers and over 30 CO2 storage tanks located at customer premises.
Its fleet of pressurized rigid and semi-trailer tankers distribute CO2 all over the East Africa and Central Africa region. It has a presence in Kenya, Somalia, Tanzania, Zimbabwe, South Africa, Malawi Zambia, Namibia, Botswana, Burundi, Rwanda, Uganda and South Sudan.
Carbacid Investments Top Individual Shareholders
Some of the firm’s top individual shareholders as at 31 July 2025 include Aksaya Investment Holdings Limited 127,172,592 shares( 49.90%), BOC Kenya plc 14,850,000 shares( 5.83%), Miss Tessa Irena Friedman 11,275,695 shares( 4.42%), Mwangi, Peter Kingori 5,661,241 (2.22%), Kampf, Brenda Clare 4,037,130 shares( 1.58%), Patel and Anjay Vithalbhai 3,501,800 shares( 1.37%).
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