Listed manufacturing and investments company Carbacid Investments PLC has crossed the one-billion-shilling profit mark for the first time, reporting a Profit After Tax of 1.003Bn for the year ended 31 July 2025, up 18.9% year-on-year.
- •The board has also declared a 2.00 per share dividend, 17.6% higher, extending the company’s unbroken dividend record since at least 1989.
- •Carbacid commissioned 250 KWp of new solar capacity in March 2025, adding to the 450 KWp installed in 2024, with another 750 KWp planned for FY 2026.
- •These upgrades, alongside fleet modernisation, cut power costs and improved delivery reliability across extended export routes.
Financial Performance: Margins Drive Record Profits
Turnover rose 1.6% to 2.100Bn, driven by expanding demand in South Africa, Namibia, Botswana, Zimbabwe and Malawi. Growth was tempered by the appreciation of the Kenya shilling, which lowered foreign-currency translation gains.
Gross margin leapt to 65% from 59%, attributed to lower energy costs after heavy investment in solar power and the commissioning of a new CO₂ recovery plant in June 2024.
Carbacid recorded unrealised gains of 68Mn on equities listed on the Nairobi Securities Exchange and 52Mn on the Dar-es-Salaam Stock Exchange, alongside higher dividend income from its investment portfolio. Earnings per share rose to 3.94 from 3.31.
Key Financial Metrics
| Metric | FY25 | FY24 | YoY Change |
|---|---|---|---|
| Revenue | 2.100Bn | 2.067Bn | 🟢 ▲ +1.6% |
| Gross Margin | 65% | 59% | 🟢 ▲ +600 bps |
| Operating Profit | 1.358Bn | 1.220Bn | 🟢 ▲ +11.3% |
| Profit Before Tax | 1.289Bn | 1.124Bn | 🟢 ▲ +14.7% |
| Profit After Tax | 1.003Bn | 0.844Bn | 🟢 ▲ +18.9% |
| EPS | 3.94 | 3.31 | 🟢 ▲ +19.0% |
| Net Assets | 6.033Bn | 5.607Bn | 🟢 ▲ +7.6% |
| Borrowings | 500.6Mn | 655.0Mn | 🔴 ▼ −23.6% |
| Closing Cash | 118.6Mn | 524.9Mn | 🔴 ▼ −77.4% |
| Operating Cash Flow | 920.2Mn | 862.0Mn | 🟢 ▲ +6.8% |
| Final Dividend | 2.00 | 1.70 | 🟢 ▲ +17.6% |
The fall in cash reflects heavy investment of 853Mn in property, plant and solar infrastructure, rather than liquidity strain.
Outlook
Management cited ongoing headwinds—geopolitical tensions, extreme weather, and inconsistent mining and tax policies—but expects continued regional demand growth for food-grade CO₂.
The board has set 26 November 2025 as the book-closure date, with dividend payment on or around 18 December 2025, coinciding with the AGM.
Carbacid concludes FY 2025 with record profitability, lower debt, and expanded production capacity, reinforcing its long-term resilience and shareholder commitment.
